GIBRALTAR’S property owners and landlords are looking forward to a bright 2014. But it’s more misery for those having to rent, according to a new survey by Deloitte in Gibraltar.
The Gibraltar Real Estate Indicator Survey was designed by Deloitte to provide a snapshot of the real estate market. In order to obtain a comprehensive view of the market, different types of ‘players’ in the local real estate market were surveyed, including estate agencies, mortgage providers, property surveyors and property conveyance lawyers.
The report says that 56% of respondents said that three bedroom properties are most in demand. The most dominant price band in terms of demand and purchases January -June 2013 was £250,000 to £500,000. The west of Gibraltar which includes developments like Queensway Quay, Ocean Village and Tradewinds is seen as the prime property area.
The survey found that most properties are sold within 6 months and took a month to complete the sale.
The survey also confirmed that the Gibraltar property rental market is flourishing. Two bedroom flats (55%) lead in demand followed by one bedroom flats (33%). The bad news for tenants is that in private rentals the rent is likely to increase. At least 78% of Estate Agents expecting an increase in rental prices, with none of the respondents expecting residential rental prices to fall in the next six months.
Not surprisingly, office space has been selected by the majority of respondents (78%) as the most demanded type of commercial property.
‘This reflects the current shortage of supply in the market for offices in Gibraltar. This trend has also been picked up by property surveyors, with all responding surveyors selecting offices as the most demanded type of commercial property in the first half of 2013,’ says the report.