Gibraltar – Costa Del Sol’s rock solid book-end

Gibraltar is a special case, less than 7km² in area with a population of just 29,000, but one of the most affluent communities on the planet. Although EU law dictates that the ‘tax exempt company’ must be phased out by the end of 2010, the British overseas territory remains heavily committed to the principle of ‘low tax’ and in some cases ‘no tax’ with zero capital gains tax, sales tax or VAT. This has helped to attract a flow of business to Gibraltar particularly in the banking, gaming, insurance and shipping industries. This Rock is robust.

To cope with the influx of workers and steady stream of tourists, both overland and by sea, (Gibraltar received 240,000 cruise ship passengers in 2007), the Rock’s construction industry is in full swing. A new two-storey airport terminal is taking shape, much needed now Monarch, EasyJet and British Airways all have regular routes in from the UK (plus Iberia from within Spain), by 2014 the east of the Rock will have a £1.8bn Foster-designed mixed-use 500-berth marina and residential development called Sovereign Bay whilst the west-side is seeing luxury development in the shape of Queensway Quay, King’s Wharf and Marina Bay’s TradeWinds and Ocean Village resorts.

Ocean Village with its swanky marina and waterfront al-fresco eateries goes down in history as having Gibraltar’s fastest selling residential units. Phase one, Royal Ocean Plaza, sold out within 48 hours of being released for sale and phase two, Grand Ocean and Majestic Ocean Plazas, within 12 hours. The latest addition scheduled for completion in summer 2008 is ‘Heart Island’ otherwise known as ‘Leisure Island’, 4,600m² of reclaimed land which will house bars, nightclubs, restaurants and a super-sized £5.5mn Gala Casino on the ground and first floors. This facility in particular eyes clientele from across the border in Spain.

Across the border is in fact where many of Gibraltar’s workforce chooses to live, the property is more affordable, more spacious and there’s more room to breathe outside of that petite 7km² of activity. And, since the 2006 Tripartite Agreement whereby Gibraltar, Spain and UK acknowledged that the fluidity of traffic across the isthmus was an important issue given the high numbers of daily movements for reasons of work, commerce and leisure, border-crossing is much swifter and pain-free. The local Spanish property market is certainly benefiting as a result with several hotspots within easy reach – Sotogrande being one of them.

Just 25km from the border this 2,000ha resort with its 683-berth marina, world-famous polo fields and golf courses, including Valderrama, is a highly favoured location for permanent living and second home ownership. Duchy Estates is promoting the south facing marina side resort of Guadalmarina comprising apartments and penthouses each with garage and storage. Built to high specifications with fully equipped kitchens, marble flooring and hot and cold air-conditioning, the homes enjoy a truly maritime outlook across the waterways of Sotogrande marina. Prices start from 394,000 euros for a three bedroom apartment.

For more information, visit duchyestates.co.uk.