Guide to buying a property in Gibraltar

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Gibraltar is truly a unique place to purchase a home. The thriving economy creates ever more demand for property in Gibraltar, yet the small area of just 6.543 square kilometres (2.53 square miles) means that supply is always going to be limited. High demand coupled with a limited supply of property leads to a buoyant market, with room for prices to increase for years to come. This makes Gibraltar a property investor’s paradise.

The process of buying a property in Gibraltar is clear and transparently simple and costs are low, which are further incentives for investors who require security as well as good returns on their investment.

Find a property

Not all estate agents are equal and choosing the right estate agent is the key to ensuring that your property purchase will be a pleasure without your time wasted, frustration and risk. At Hunter Properties we understand your needs and our personal service means that we are always at hand to help you and answer questions. We combine excellent knowledge built on over 30 years of doing business in Gibraltar with clarity, transparency and unbeatable customer service. We work with almost every other agent in the area, which means you can benefit from our high level of service and we can offer you almost any property on the market today.

Property Found! Reserve it with a deposit

As soon as you have found the property you want, you will want to put down a deposit to reserve it as soon as possible. At this stage a Pre-Contract is signed by both buyer and seller and a 2% deposit is made by the buyer. This deposit forms part of the sale price of the property.

Legal checks

Most properties in Gibraltar are leasehold and some leases are hefty documents. Hunter Properties have favourable relationships with lawyers and we can recommend you a reputable firm to represent you, but you are free to make your own choice. Your lawyer will check the lease terms carefully and ensure that the property deeds are clear and unencumbered at the Land Registry. When this is done, the purchase contract is prepared.

Getting a Mortgage

If you need a mortgage, then Hunter Properties will be able to help you find a lender. With excellent connections in the financial services sector, we have many potential lenders to choose from so that you can get the most preferential terms and rates.

Completion!

The purchase contract includes details of the property price, any mortgage that you might be taking and the stamp duty and registration charges that are to be paid to Government. When contracts are exchanged, you pay balance of the property price due and the keys are in your hands! After completion you will pay stamp duty and fees for registering your ownership in the Land Registry.

Frequently asked questions

No stamp duty is payable by first and second time buyers (excluding corporate entities) on the first £260,000 of the purchase cost.

If the property is purchased with the assistance of a mortgage, stamp duty is charged at the rate of 0.13% where the amount borrowed does not exceed £200,000 and 0.20% for amounts in excess of £200,000.

Purchase PriceRate
To £200,000Nil
From £200,0012.0% on first £250,000
To £350,0005.5% on balance
Over £350,0003.0% on first £350,000

A fee of £175 per deed is charged for recording the transaction in the Land Titles Register.

Fees for conveyancing transactions are generally charged by reference to a scale and equate to between ½% and 1% depending on the size of the transaction.

If title deeds are available and neither buyer nor seller have a mortgage, then the whole property purchase process need not take longer than a week or two. If you are buying with a mortgage, this may extend to four weeks.

There are very few freehold properties in Gibraltar and those that do exist are historical and are mainly concentrated in the central Town area. New built properties are on long leasehold terms usually for 99 or 150 years.