Embracing the charms of Gibraltar with property expert Mike Nicholls

Mike Nicholls, MD of Chestertons Gibraltar, spoke to Stephen Penn about how Gibraltar, Britain’s home-away-from-home in the Mediterranean, has become such an investment hotspot

What is the biggest draw for buying in Gibraltar?

Lifestyle, tax, friendliness and low crime are top of the list, and of course the climate, with 300 days of sunshine per year and average daily temperatures reaching 28˚C in summer.

Why would people choose Gibraltar over other Mediterranean locations?

English is the first language and the currency is GBP, so with UK TV channels and recognisable high street shops, it’s easy to feel at home here. For those living here long term, English speaking doctors and schools which follow the UK curriculum are a comfort.

Is Gibraltar a safe place to buy property?

Our legal system follows English law, so people feel confi dent about investing here. You don’t have the same pitfalls or unexpected liabilities, debts and fees prevalent in other European locations.

How volatile are prices?

Looking back over the last 10 years, investing in Gibraltar property would have been a wise thing to do as prices have steadily increased in value every year, considerably outstripping inflation. We haven’t experienced the ‘boom and bust’ that other regions have. There isn’t a flow of cheap debt here. This deters the riskier speculators and results in well-funded developments which are predominantly pre-purchased by committed purchasers with capital.

What’s demand like?

Demand has been high for some time and is likely to remain so. We have a strong economy based on our key industries, such as gaming, insurance, financial services and now fintech/crypto. Job numbers have increased greatly in the last 10 years too, along with the population. All those individuals need housing.

What are the tax advantages of living in Gibraltar?

There’s no capital gains tax, or tax on interest, wealth, gift s, estates or inheritance and there’s no VAT. Income tax and corporation tax rates are also low.

What sets Chestertons apart from other agents?

We were voted the ‘Best Real Estate Agency in Gibraltar 2017- 2018’ in the European Property Awards and pride ourselves on high standard customer service and property expertise. We are the only agent to list all our properties on Rightmove, Zoopla and Prime Location. We are also the largest, based on number of staff.