New Developments Information
Gibraltar
Developers have identified Gibraltar as an ideal location for their latest projects, household names like Taylor Woodrow and Sharrock Shands, local firms such as Pebble Properties or even relative new comers like the Ocean Village Group have been constructing residential projects in Gibraltar with astonishing success. Projections show that this level of construction and the steady growth associated with them, will continue for at least, the next ten years. |
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Purchasing property "off plan" has proved to be a very fruitful alternative for people in Gibraltar. End users and investors alike have benefited from affordable payment plans, innovative designs, quality construction with every creature comfort available and substantial capital growth.
There are primarily 2 ways in which to purchase an off plan property, directly from the deeloper or as a resale. When buying directly from the developer you will be expected to put down a non-refundable deposit to secure the unit until you exchange contracts at which point you will enter into a special payment plan with the developer.
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This payment plan will extend over the construction period (normally between 18 to 24 months) during which time you will end up paying 20% or 25% of the purchase price, depending on the development. The remainder to be paid upon completion at which stage you could raise finance by means of a mortgage. Should the original purchaser decide during the construction stage that he no longer wants to compete on the property, he can sell it on, normally for a fee payable to the developer.
In this scenario, the new purchaser will be expected to pay to the original purchaser all the payments made to date together with the profit element, which will vary depending on the how long ago it was reserved. This will then give you the right to complete with the developer on that unit as well as the snagging etc.
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At Rosso International Real Estate we will be happy to advise you as to the pros and cons of each development as well as help you identify which units will best match your criteria.
Spain
The area extending from Malaga in the East to Gibraltar in the west, enjoys the best year round climate in the whole of Europe. The attractions of sun in all seasons, temperatures averaging 61°F in January and 85°F in July, sandy beaches, golf courses galore and sophisticated shopping, dining and night life have all been made more accessible by low-cost air travel. This "exposure" has now also been increased with direct flights to Gibraltar from Madrid, Ireland etc. |
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As a result, the Costa del Sol has proved to be a "mecca" to the wealthier northern Europeans for whom a holiday home in the sun is becoming a real necessity.
This demand then creates an investment opportunity to buy "off-plan". Buying off-plan means committing to purchase at today's prices, a property which has yet to be built and selling it at an enhanced price on or just before completion. Reservation deposit of around 4,500 euros secures the property. Contracts are usually exchanged about 4 to 5 weeks later. |
You then will have to pay a further 15% to 20% of the purchase price either as a lump sum or in staged payments, there will be no more to pay until completion. Spanish law now requires developers to provide bank guarantees to protect the investor's money from day one, whilst mortgages (usually of about 70% - 80%) are available, subject to status, on every off-plan unit.
We are equally able to help those clients who may want to purchase a property for their own use, rather than sell, or hold as a rental investment, in either case choosing the right property is essential. Knowing where to invest and what to buy is the key and this can only be achieved successfully with extensive local knowledge. Knowledge which ROSSO has been putting to good use over the last 30 years by achieving over 30,000 sales in Spain alone.
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