There has been a huge increase in requests for rental property in Gibraltar claims the sales and marketing director of a new development in the British enclave which is due for completion this summer.
Ocean Village is a mixed-use marina development scheduled to complete in July. All the properties were sold at launch in record time.

Marketing director Brian Stevendale said: “We are being inundated with requests for rental property in particular. Fortunately there are plenty of rentals available in the new Plazas as many owners bought for investment purposes.

“Our residential complexes are increasingly popular as they access the oasis of seven swimming pools set in sub-tropical gardens available exclusively to residents. There is also a health club and an array of eateries and retail outlets fringing the waterfront including a flagship Gala casino on Leisure Island.”

While some Fly to Let business will come from people looking to holiday on ‘The Rock Stevendale believes property investors will also benefit from companies who need to house staff.

He said: “International companies expanding within or entering Gibraltar for the first time are leading the demand. We have had one gaming company tell us that they are bringing up to 200 more staff here in July.

“We’re also tying up a multi-million pound office deal with a FTSE100 company new to Gibraltar which has lofty plans to create many jobs. Each has the same worry - where will their team members live?”

• Property prices in Spain are still falling according to the Spanish Property Owners Guild (SPOG) and there are still more reductions to come.

The Guild cites examples of advertisements for two-bedroomed apartments on the Costa del Sol for €126,000 but believes the market will bottom out at around €95,000 - €100,000.

The organisation also highlights to its members the fact that the Spanish Government is buying up large volumes of unsold apartments to use as Protected Dwellings and Social Homes.

However it warns investors not to expect any quick returns as buyers cannot raise mortgages from Spanish Banks who have stopped lending anything to the real estate sector.

Last month the Spanish property price index published by appraisal firm Tinsa reported that the average price of a property in Spain had fallen by just over 10 percent year-on-year to the end of April.

The figures revealed that the highest price falls were being seen on properties located along the Spanish coastline. This was mainly due to the number of properties in those areas.

Tinsa also reported that residential values in the Balearics and the Canaries dropped by 9.2 percent.

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