Housing for the mega-rich while locals forced to live in Spain

Gibraltar looks set to provide a post-pandemic silver platter for luxury developments while simultaneously removing social privileges, seemingly taking an unpopular shortcut towards financial stability. The strategy revolves around building for wealthy immigrants who may eventually invest locally and attract similar entrepreneurs, but with finite space available something has got to give.

The last few years have seen elite residential and commercial buildings dominate proposals put forward at Department and Planning Commission meetings over sorely needed affordable housing. As a result, locals forced to live in Spain due to a spiked housing market brought on by high-end real-estate continue to gaze at the Rock’s lucrative new brand behind gates of poverty. Nevertheless, with the pandemic causing further deficit and many locals left in the lurch, the GSLP still seeks to compete with London, New York and other financial capitals to facilitate a playground for millionaires.

2 Likes