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We knew this would happen words | Mike Nicholls

The other day, I was flicking through some of the back issues of the Gibraltar Magazine that I had lying around in my office. I came across my property article in the July 2010 edition, explaining the state of the property market at that time. Nearly three years on, it makes for quite interesting reading: “In 2006 and 2007, investors were lapping up off-plan investments in the Anchorage, Ocean Village phase two, Filomena House and King’s Wharf. That represented over 400 new apartments, an addition of over 3% to the number of new residential units in

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Gibraltar. In the last 12 months all but King’s Wharf have completed and with the odd exception, the market has absorbed these apartments. King’s Wharf will complete just over 100 more apartments within a few months and I would predict that the market will absorb

these as well over a period of, say, 6 months. That means, even in this climate, our property market can absorb c 250 new apartments per annum. And this excludes the government’s own schemes. As it takes a good three years to achieve planning consent, de-

velopment funding and then to construct anything of any size, and as there are no new large scale residential developments in the pipeline after King’s Wharf has completed, then assuming current market demand of 250 apartments per annum continues, we will

GIBRALTAR MAGAZINE • MAY 2013

The Gibraltar Magazine - May 2013  

Gibraltar's fabulous business and leisure magazine. Crammed full of great features from finance to football, from fashion to arts. Enjoy i...

The Gibraltar Magazine - May 2013  

Gibraltar's fabulous business and leisure magazine. Crammed full of great features from finance to football, from fashion to arts. Enjoy i...