property market
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Who will fund Gibraltar’s growth
None of our banks appear to be funding property development. None of the much heralded new office or hotel projects have begun. So who is going to fund Gibraltar’s future growth? It’s all very well having attractive tax rates, Office accommodation is running out, albeit but unless we can accommodate incoming com- slowly, and it remains a challenge to source the panies and their staff, or house the higher net right property for the discerning higher net worth individual in top quality property, we will worth client. not reap the rewards that we have sown. There is also general consensus that our hotel
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stock needs to be renewed and improved either by substantial refurbishment of the existing hotels or new builds. Statistics show occupancy rates and the number of hotel guests decreased in 2009 from 2008. Would that have been the
GIBRALTAR MAGAZINE • MARCH 2011