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Gibraltar Properties For Sale Information

Purchasing a property in Gibraltar is relatively simple and is very much based on the English conveyance procedure. Once you have selected the property you wish to acquire and agreed a purchase price with the vendor, you will be expected to place a 2% deposit. The deposit should be kept by the agent as stakeholders in a client deposit account and be fully refundable to you should the sale not proceed to completion.

You will need to instruct a solicitor to carry out the conveyancing on your behalf and at Century 21 Gibraltar we can provide you with a selection of top solicitors who we work with on a regular basis. Fees can vary but they can all provide you with an estimated breakdown of the costs involved. Depending on the condition of the sale, you would then proceed towards Exchange of Contracts or as is usually the case in Gibraltar, you would go directly to completion. This whole procedure normally takes between four to six weeks. Should finance be required, Century 21 Gibraltar will gladly assist you in finding the most suitable method of financing from a selection of lenders in Gibraltar.

Some of the properties you will find on offer locally will fall within “restricted” residential estates. These developments were originally part-funded by the Gibraltar Government on shared ownership schemes. One of the conditions of the purchase currently in force is that these properties cannot be let out and can only be sold to resident Gibraltarians or Non –Gibraltarians that have been resident and working in Gibraltar for more than three years. The majority of the properties in Gibraltar are long leaseholds as opposed to freeholds.

Other points to consider are that stamp duty has been abolished for any property under £200,000, and that there is no inheritance tax and no capital gains tax to be paid when you eventually decide to sell your property.


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