Property-Market-in-Gibraltar

LOFTY AMBITIONS

11.06.18

Louis C. Montegriffo, Managing Director of BMI Group Gibraltar tells Stephen Penn how the property market in Gibraltar is on the up in more ways than one

Just because something hasn’t been done before, doesn’t mean it can’t become a reality. One visionary agent doing precisely that in Gibraltar, is the BMI Group; taking on a brand-new development on the island – one of the most expensive in history – and transforming it into a lucrative investment opportunity.

The first residential project to be launched in Gibraltar with average unit prices of £1.6m, Buena Vista Park is a historical piece of real estate, with spectacular views across the Strait and Bay of Gibraltar, toward the Rift Mountains of Morocco.

Launched when the territory’s property market was emerging from a tough two-year Credit Crunch, selling properties of this price was a big ask, as high property values in the market at that stage didn’t exceed £750,000.

Not put off by the challenge, BMI Estate Agents, which has consulted on some of the island’s major developments including Atlantic Suites, The Anchorage and Kings Wharf, were officially appointed as agents in 2012 and have since represented 70% of all sales in Phase 1.

“We were keen to be involved in the project, as it offered applicants high-quality bespoke internal finishes, which at that time were unheard of in Gibraltar,” explains Louis. “It also delivers a private, low density, gated community of town houses and villas.”

The response exceeded all expectation, and Buena Vista Park Villas has proven a new bracket of high-value prices is achievable on the Rock, as well as underpinning a real demand for larger, more exclusive properties.

“The turn-out of buyers looking to invest in this development further cemented our thoughts on a developing four tier market - low, mid, high and ultra-high,” Louis explains. “This more than serves as a positive indicator of the potential the market continues to enjoy, and the attraction of a new ultra-high segment is the clearest sign of confidence from a new emerging market.”

Given the success of Phase 1, the team at BMI are now advising on the overall plan for Phase 3, with a switch of density to just 11 units laid out as a single row situated on the cliff edge with the most impressive views from Gibraltar.

“Our approach was simple. We wanted an improved, lower density scheme which is greater in relative distribution and size, that would add value to the entire project while improving on elements from the previous phase.”

All units have internal areas of between 270 and 500 square metres, with substantial terrace areas, gardens and infinity pools. Of the 11 units, four have already been sold, with two under offer, with sale prices from £1.85m to £4.5m.

For further information on the remaining Villas, contact BMI Group, leading agents for Buena Vista Park Villas via email info@bmigroup.gi or on +350 200 51010

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