If Gibraltar’s looming departure from the European Union (EU) with the United Kingdom was meant to bring a certain gloom to the overall prospects for Gibraltar property – both residential and commercial – in the months and years ahead, it seems that no one told Gibraltar itself, as evidenced by the continued fast pace of development in the territory.
As recently reported by The Olive Press, for example, there is an especially exciting project on the horizon in the form of Victoria Keys, which will be built at Coaling Island inside the historic harbour.
Indeed, the expat newspaper even suggested that the scheme could help to elevate Gibraltar’s profile to make it a rival to Monaco and other ‘glamour’ destinations.
A continued magnet for high net worth individuals
Victoria Keys will comprise opulent flats, new shopping areas and offices constructed in partnership with the government, with Chief Minister Fabian Picardo explaining that the development would “showcase our benefits to our widest ever worldwide audience.”
He added: “Our international prominence appears to have had a positive influence on the high net worth individuals that we strive to attract to Gibraltar.”
Indeed, far from dampening the demand for Gibraltar property, the newspaper suggested that the current concerns about Brexit across Europe were helping to make the British Overseas Territory a more desirable investment destination than neighbouring Spain.
Serving the requirements of incoming residents and workers
The complicated project will entail a massive sea reclamation scheme to create a total of 60,000 square metres of land. The fact that a government-owned company will be responsible for this scheme will guarantee safety in the investment, with the £300 million costs set to be returned to government coffers on the creation of the land.
Moreover, the Chief Minister was in no doubt that such far-reaching preparatory efforts would prove thoroughly worthwhile, explaining: “It is precisely projects like these that ensure that new businesses wanting to relocate are able to secure accommodation for themselves and their workers.
“Victoria Keys will have an extensive landscaped public promenade, solely for pedestrians and cyclists, along the entire waterfront perimeter.
“There will also be wide tree-lined avenues running east to west retaining the historical views across the bay. It will become our very own garden city by the sea.”
Are we enthralled? Very much so...
Having witnessed over our two decades of operation what a transformative impact on the Gibraltar economy the government’s last project of this magnitude – the Westside reclamation of the late 1990s – ended up having, here at BMI Group, we strongly regard the Victoria Keys development as one that will likely provide a vital platform for the territory’s further growth.
Gibraltar property is entering a bold and bright new era – and we eagerly anticipate ourselves, and you, playing a fundamental part in it!