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.


Amongst the toys offered in the Gibraltar "millionaires playground" are passports for sale, contrary to The Laws of God.

These millionaires keep their funds in Tax Havens and Low Tax jurisdictions like Gibraltar


Are Gibraltarians being priced out of our own property market?

Property prices in Gibraltar long ago surpassed acceptable boundaries.

We see more and more houses advertised well above the psychologically stupefying threshold of £1m, and the estimation is that at the upper high end of the property market, the square metre currently valued at £9,000 will carry on increasing and soon exceed the £10,000 mark. As a result rich foreigners and the local judicial-financial elite are buying these luxury properties, which working middle-class families can only admire in photographs or at a discreet distance.


1 Like