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Spotlight Gibraltar Residential Market 2016

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Spotlight Gibraltar Residential Market 2016 Savills World Research Gibraltar Residential Spotlight Gibraltar Residential Market 2016 savills.com/research 2016 Spotlight Gibraltar Residential Market After several years of strong growth, Gibraltar still offers value on a global stage EXECUTIVE SUmmarY ibraltar is among Offering favourable tax regimes, an elite and small they are attractive to business club of territories and high-net-worth individuals within Europe with (HNWIs). Prices in these territories Remote gambling, financial services, special and unique appreciated at a time when other tourism and marine services together Ggovernance, independence and tax national markets in neighbouring status. A self-governing territory with countries have been languishing. account for 70% of Gibraltar’s GDP a population of 32,000, bordering See page 04 a much larger neighbour, it draws Comparisons with Monaco only go parallels with Monaco. Hybrid so far. Gibraltar has its own unique centres of business and leisure and characteristics, history, culture, and located in the Mediterranean, both has developed on its own path. have the characteristics of ‘city’ A modern, compliant, British and ‘resort’. Each has developed an jurisdiction, Gibraltar offers community Gibraltar’s prime property offers value international professional services and safety that makes it an appealing sector and are centres of commerce place in which to live. Emerging later compared to rival jurisdictions. The in their own right. on the global stage, Gibraltar’s prime territory tops our Sunshine/Spend Index property market still offers value when compared to rival jurisdictions. See page 06 This is illustrated in our ‘Sunshine/ Spend’ index on p06. Diversification in Gibraltar’s economy has supported economic growth, generating wealth in the local economy and spurred a wave of new development. Entirely new Prime prices appreciated 15% from 2013 market tiers have opened up to attract to 2015, demand driven by Gibraltarian, the global wealthy. UK and other international buyers The hybrid nature of Gibraltar as See page 08 a conurbation, destination and recreation location diversifies risk while maximising the market for property. This comes at a time when the prime markets of many world cities are at a high plateau. As Monaco pricing rivals New, off-plan developments sold strongly Hong Kong, becoming the preserve in 2014 and 2015. A number of super- of only the super-rich, Gibraltar prime developments are in the pipeline has the potential to fill a gap in the Mediterranean for HNWIs, at various See page 09 levels. While it may not yet have the cachet of Monaco, proposed new developments, the right investment and infrastructure could propel Gibraltar A British Overseas Territory in the Mediterranean, Gibraltar is home to a mixture of cultural influences onto the circuit of the global wealthy. n External risks persist around the outcome of the UK EU referendum and wider Notes about the publication This document was published in January 2016. The data used in “Entirely new market tiers have opened up changes to global tax regimes the charts and tables is the latest available at the time of going to attract the global wealthy” See page 10 to press. Sources are included for all the charts. savills.com/research 03 Spotlight | Gibraltar Residential Market 2016 FIGURE 1 importance. Today, this position brings FIGURE 2 GIBRALTAR AT Gibraltar fact file commercial advantages. The Port Four pillars of the economy A GLANCE of Gibraltar is the most important in Together contribute 70% of Gibraltar’s GDP the Mediterranean for ‘bunkering’, A British Overseas Territory, Gibraltar is the refuelling and supplying of ships, Self governed self governed, self financed and Gibraltarians A British Overseas Territory located have full British citizenship. in turn making petroleum Gibraltar’s at the southern tip of the Iberian largest physical export. A major cruise Peninsula only 14km from Morocco, ship destination, some 228 vessels Gibraltar is within the European Union and the REMOTE FINANCIAL TOURISM MARINE Gibraltar is home to 32,000 people. Open for are expected in 2016 with a total of Single European Market for Services, granting it Self-governed, it controls almost all business 342,000 passengers, a 16% increase GAMBLING SERVICES INDUSTRY SERVICES access to a market of 500 million people. its own affairs, taxation and policies. over 2015. 20% 20% 20% 10% Some powers, such as defence and foreign relations, remain the Gibraltar levies no VAT, CGT, IHT, wealth tax Gibraltar International Airport puts responsibility of the UK. A member Low tax or tax on investment income, such as interest major UK cities within direct reach, of the European Union since 1973, or dividends from quoted companies. including services to London’s Gibraltar benefits from direct Heathrow, and also offers flights to access to the huge EEA market Moroccan destinations. One of the FIGURE 3 of more than 500m people, but is Sterling The Gibraltar pound is fixed to the GBP and world’s most iconic airports, its runway Job growth selected sectors exempt from the harmonisation of extends into the sea and is intersected denominated used interchangeably with the British pound. — Gambling and Betting — Financial Intermediation - - - Public Administration and Defence taxes, notably VAT. by the main road between Gibraltar and the mainland, a memorable 3,500 Gibraltar has transformed itself in 82% of the population are Gibraltarian. EU, entry point for those arriving by Culturally the last four decades from Ministry EEA and Swiss citizens have the right to live both land and air. Malaga airport, a 3,000 diverse of Defence outpost to a diversified, and work in Gibraltar. few hours’ drive away, offers direct international service based economy. flights to global destinations including 2,500 GDP has been growing at 10% per Amsterdam, Geneva, Moscow and annum, in nominal terms, since 2010. Rock of 426m high, the Rock of Gibraltar is home to New York. 2,000 Economic growth never dipped below Gibraltar a nature reserve and 300 Barbary macaques. 5% in recent times, even at the depths Gibraltar’s location on the 1,500 of the global recession. This puts its southernmost tip of the Iberian Number of jobs growth rate among the highest of the Source: Savills World Research Peninsula grants it direct road access 1,000 OECD countries. Growth has been to mainland Europe. Several of Spain’s supported by four pillars of industry: most popular enclaves are within 500 remote gambling, financial services, The number of jobs in Gibraltar’s tax rates, agile regulation and driving distance of Gibraltar, including tourism and marine services. Together remote gambling sector increased favourable infrastructure. NatWest, Sotogrande, Marbella, Seville and 0 they account for 70% of Gibraltar’s from just 542 in 2002, to a high of SG Hambros, Jyske Bank and Malaga, Spanish national parks and GDP (Figure 2). Public debt is low, 3,276 in 2014, making it a larger Lombard Odier all have local offices. numerous golf courses. Many of those 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 and falling, standing at 22.8% of GDP employer than the financial services with homes in Gibraltar also have in 2015, while a budget surplus was sector, which recorded 2,051 in 2014 Gibraltar is an important centre of second homes in Spain. n Source: Gibraltar Statistics Office recorded in the 2014/15 financial year. (see Figure 3). Ladbrokes, William Hill, employment across the broader Gala Coral, Bwin.Party and BetVictor region. Some 9,400 ‘frontier workers’ The Westside is Gibraltar’s commercial hub built on reclaimed land. For centuries the Ministry of Defence all run their online operations from the commute across the border to and military base had been the main territory, taking advantage of Gibraltar’s work in Gibraltar each day. Many source of employment for Gibraltar, legislative environment and favourable take advantage of the lower cost of but today are a very small component tax regime. Recognised as a well property in Spain. of the economy. MOD operations regulated centre of excellence in the now account for less than 600 jobs, a gaming sector, local expertise and The development of local talent is decline offset by the growth of higher established infrastructure continue to supported by a quality education value employment sectors. This, support expansion. The sector showed system. Loreto Convent, a private in turn, has transformed Gibraltar’s resilience when the UK introduced a school, will be joined by Prior Park prime residential markets (see p08). point of consumption tax for UK online Gibraltar, a sister school to Prior Park Employment grew 16.4% between gamblers and has remained committed Bath when it opens in September October 2010 and October 2014, to the territory. 2016. All schools follow the UK reaching a record high of 24,422. curriculum and the tuition fees of local Gibraltar is a compliant British, students attending university in the UK EU financial services centre, are paid by the Gibraltar government. specialising in insurance, private Gibraltar’s own university opened in clients and asset management. 2015, offering University of London “Gibraltar has transformed Around 20% of UK motor insurance affiliated business degrees, among is underwritten in Gibraltar. It ranks other courses. itself in the last four decades 56th in the world in the latest Global Financial Centres Index, above Connectivity into a diversified, international competing centres that include Gibraltar’s strategic position at service based economy” the Isle of Man, Liechtenstein and the gateway to the Mediterranean Monaco. Gibraltar offers competitive historically made it of huge military 04 savills.com/research 05 Spotlight | Gibraltar Residential Market 2016 Gibraltar offers certain tax advantages for wealthy individuals GIBRALTAR AS FIGURE 5 The prime districts of Gibraltar Prime property is found throughout Gibraltar, but concentrated in newer, waterside developments.
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