INTRODUCING OUR NEW QUARTERLY UPDATES
Welcome to the first quarterly Gibraltar Property Market Update from BMI Group Estate Agents.
After 26 years in business, we have acquired unrivalled knowledge of Gibraltar’s property market. Think of these updates as ‘real estate temperature checks’ that provide expert insight into how the local market is performing.
To best understand what’s happening locally, we must consider the global issues that impacted Gibraltar’s property market in 2023 and how those may play out in 2024.
Brexit Negotiations and Border Fluidity Concerns:
Uncertainty surrounding negotiations and border fluidity remains critical for Gibraltar. The ongoing talks and potential for a treaty could have significant implications for the property market, particularly if the outcome affects the cross-border movement of people and goods. A positive resolution might boost investor confidence and stimulate demand for residential and commercial properties.
UK Economy and Property Market Update:
The latest UK Economy and Property Market Update indicates subdued activity in both residential and commercial markets, with construction output expected to stagnate into 2024. Given Gibraltar’s close economic ties to the UK, trends in the UK property market can have a knock-on effect on Gibraltar, influencing investor sentiment and potentially leading to a cautious approach in the local property market.
Global Conflicts and Economic Dynamics:
The escalation of conflicts in Gaza and Ukraine, along with rising global instability, has led to increased interest rates and inflation, impacting global economies. These impact supply chains and translate into higher construction costs and living expenses. Whilst we have not exactly seen the investor caution that’s happening in the UK, one must take global geopolitical turmoil into consideration.