Is buying property in Gibraltar a rock-solid investment?

Posted by on Aug 20, 2013 in News

Gibraltar is celebrating 300 years under British sovereignty this summer with two controversies and one highly unusual problem – too few wealthy people live there.   The disputes in question are all too familiar to the 30,000 residents on this peninsula off southern Spain.   The first is over who should govern: Madrid regards it as idiosynchratic that this 2.6 square mile patch of land should be British and engages in occasional spats such as last week’s tightening up of border controls.     The second dispute is over its status as a tax haven, a term Gibraltar’s rulers hate.    Instead the government, which derives most of its income from oil storage, tourism and online gambling, prefers the term ‘international finance centre’ to describe its regime of low income tax, no VAT, no capital gains tax, no inheritance tax and no estate duty. Read...

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EU Team to monitor Gibraltar Border

Posted by on Aug 20, 2013 in News

  There have been long queues at the Gibraltar border    The European Commission is to send a fact-finding mission to Gibraltar to investigate controls at the border.    It follows tensions between Spain and the UK over extra border checks on the Spanish side, which have caused lengthy traffic delays.    Britain says the checks break EU free movement rules, but Spain says Gibraltar has not controlled smuggling.  The team of EU observers is expected to be despatched “as soon as possible” to assess the legality of the checks.   A row has erupted between Spain and Britain in recent weeks following the installation of an artificial reef by Gibraltar in the waters off the British territory. Read More  ...

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House Prices Fall By 9.6% in July Year-on-Year

Posted by on Aug 20, 2013 in News

According to the latest report published on Tuesday by real estate appraisal company, Tinsa, the average price of a house registered a fall of 9.6% in July, year-on-year, which is one point lower than the previous month (-10.6%), and a cumulative drop of 37.6% since the maximum values reached in December 2007, before the crisis.      This indicates that housing prices are continuing to moderate after the tax benefits for home purchases were abolished on 1st January this year. Read...

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Decline in House Prices Accelerates

Posted by on Aug 20, 2013 in News

According to the General Council of Notaries, the average price of a home stood at 1,206 euros per square metre in June, which represents a drop of 13.3% compared to 2012, and brings the cumulative adjustment in house prices since mid-2007 to 34.9%.       The largest price reductions were seen in new apartments, with their cost being reduced by 28.9% in June compared with the same month of last year, to 1,407 euros per square metre, while the price for second hand apartments decreased by 8.7% to 1,298 euros per square metre. Read...

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Cheap prices put Spanish property back on the map

Posted by on Aug 12, 2013 in News

The Spanish market, for years the horror show of Europe, is just beginning to show signs of bouncing back, tempting buyers with low prices and attractive mortgages, but if you’re thinking of buying a villa in the sun, there are still significant dangers. Spanish banks have been trying to offload their glut of repossessed homes on the cheap and average prices crumbled by 12.8 per cent in the first three months of this year compared to the same period in 2012, according to Eurostat figures. Some of these bargains are finally turning heads and interest in Spanish property is enjoying a revival, taking over the top spot from the USA last month and accounting for almost one-in-three enquiries on the property portal TheMoveChannel.com. “It is a good time to buy property in prime locations at the right price. In the best areas of Barcelona city and Marbella it is possible to buy properties at a 50 per cent discount from 2007 prices,” says Alexander Vaughan of Spanish estate agent Lucas Fox. During the real-estate boom, Spanish house prices rocketed, rising by an incredible 200 per cent from 1996 to 2007, before plunging back down to earth when the bubble burst. Major banks, including UBS and BBVA, estimate that house prices still have another 8 per cent to go before bottoming out, so there may be better deals later down the line. However, when it comes to properties in ever-popular, reputable areas, some buyers are grabbing the best deals while they can. Read full...

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