We thought we would get this blog going by adding our last 2 BMI Mag articles, here goes...
So, a new year, a new Government and yes, an all new list of worries to contend with in Europe. Fun and games and once again we ponder on how a likely double dip recession in Europe will affect our own vibrant but yet small economy.
You will all recall my concerns back in 2008/2009 and the fact that for a brief spell, the property market in Gib literally shut down, while most buyers local or international, battened down the hatches and played the waiting game. Thankfully the very obvious growth in our economy underpinned any major concerns and we moved on cautiously, but yet optimistically. Although the risk of experiencing any type of recession was unlikely, we did have our concerns on the oversupply in the market, coupled with the high expectation on pricing levels by vendors. It is fair to say that the market adjusted accordingly and we have emerged strong with both lettings and sales holding their own.
And so, we now consider how a double dip may affect our property market and our economy for that matter. Do we take the example of the last three years as a guideline and therefore storm ahead, or will a double dip finally hit us? There are some that believe that any global down turn will inevitably find its way to our shores, whereas others consider the solid fundamentals of our economy as a hard enough cushion to protect our downside. Well if you think I have the answer, you’d be wrong……I remind you that I’m an estate agent..;)
In all seriousness it would be arrogant for anyone to assume or preach on our fortunes or misfortunes for the future, but one thing is certain and that is that Gibraltar continues to post Growth in GDP (predicted at 4%+ for this year, although its likely to be higher), we continue to see an increase in demand for commercial property ( this year alone we have let over 1,000 sqm), lending institutions are unable to advertise repossessions (this is a good thing by the way), but more important is that our local buyers are buying and the ex-pat market is very much here and here to stay. It’s always a good sign when an ex-pat’s contract is up and as opposed to returning to his motherland he resigns his post and sets up his own business in Gib – this is a true story by the way, all stemmed from the fact that his wife told him that he could go back to the U.K, but she was staying….:) Brilliant stuff I thought and yet again highlights what we have on this big Rock of ours.
Of late we have been fortunate and successfully sold various properties at Kings Wharf and The Anchorage both of which continue to be the most sought after developments in Gibraltar, helped somewhat by the fact that they are very competitively priced….for now at least.
We are delighted to have been instructed to act as marketing agents for Buena Vista Park Villas and although the price ranges at this exclusive (low density) development are from £1,000,000 (on the top end), we have been encouraged by the interest in this scheme and the execution of two sales in January…….and pleased that both are owner occupiers; I cannot stress how important this is in any development; to underpin with buyers looking to live, and not speculate, is crucial, and a good example of the market conditions. See our advert insert for further information on this truly special location.
And now to lighter and charitable news. On the 18th of February three colleagues and I will be attempting to climb Mt Kilimanjaro in aid of Alzheimer’s & Dementia Research. Preparations are ongoing and although by the time you read this we are likely to have returned, I hope that you will forgive me for using this medium to ask that you consider donating to this worthy cause, and in the knowledge that I will go through excruciating pain in the process……just think an estate agent going through hell, it’s gotta be worth a small donation at least. At the time this magazine goes to print we stand at a whopping £8,346, but we’d like more!
Finally, I’d like to take the opportunity of thanking our advertisers and our contributors for their continued support and to all our clients for staying the course with us. To those of you who have not as yet experienced the BMI service, we say………what are you waiting for…..:) and we very much look forward to meeting with you.