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Property
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Butcher kick-started a 5-year building boom in 2004 by quickly selling off-plan the 16-storey Royal Ocean Plaza, which opened in early 2010. But in 2009 when bank finance dried up, so did building projects.
In 2014 OV again took the lead by launching Imperial Ocean Plaza (IOP), selling 116 apartments in a week, and followed that with two 16-storey blocks and one at 17-storeys providing a further 315 apartments. Two more towers are being constructed – Ocean Spa Plaza and the delayed IOP - adding 241 apartments – to make five large blocks at OV.
Yet another Gibraltar ‘first’ is planned at OV: five 3-storey blocks of 144 waterfront apartments that buyers cannot occupy for 15 years! It is believed two blocks have been presold to local gaming companies. Marina Club’s rental-only studio, 1 & 2-bed properties are to cost from £195,000.
Midtown’s 8-15-storey development of seven interlinked blocks over 4.3 acres is the largest currently and will provide 120 apartments, 7 penthouses and 18,000 m2 of
offices by mid-2020. A 1,000-space car park is complete and four of five housing blocks will be available this year having sold high-end and comparatively large units at £400,000 to £2m for a penthouse.
The 2012 Census showed Gibraltar had circa 10,000 residential properties for a population of 32,000; 40% at that time were government rented homes, and only 1,700 were privately rented. Some 4,300 (37%) were owner-occupied flats and 10% govern- ment co-ownership. The government 50:50 shared ownership scheme was boosted in 2016 when two estates with 900+ apartments were built at Beach View Terraces and Mons Calpe Mews at a reported £116m cost.
“The greatest demand is for 3-bedroom affordable flats – few want 1-bed units”, says Samantha Sacramento, housing minister, who received close to 4,000 scheme applications. Three-bed flats sold for £102,600-144,350 and buyers acquired a 50% stake or more, dependent on individuals’ affordability. “These are very good prices. The government builds to cover the cost, but not at a loss”, she notes. “We are not making a profit, whereas
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attracts,” Montegriffo declares. “We have some concerns over the real
owner occupier / rental demand for 25-45sqm properties, and when there are potentially 500+ of them being proposed. It is a segment of the market where we urge caution; it’s a fine balance and there could be overbuild in this segment with a negative impact on the market,” he submits.
Ocean Village (OV) developer, Greg
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Gibraltar International
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