Find your dream home in Gibraltar...

With thousands of houses for sale and a global reputation for providing excellent customer service, it is no surprise that we are the first port of call for many local, national and international buyers.

Our property search bar allows you to search a wide variety of properties for sale across Gibraltar in moments.

Whether you are a first time buyer, moving up the property ladder, or relocating, Century 21 Gibraltar  makes it straightforward to search property for sale and find your perfect home.

We understand that buying a new house is one of the largest purchases you will make in your lifetime. If you decide to buy through Century 21 Gibraltar, we promise to support you at every stage of this potentially daunting and confusing process.

If you have already worked out your budget, and know exactly which type of property you are looking for, then use the search bar above to browse the houses for sale in your area. Alternatively, if you would like more guidance on the buying process and the different categories of properties available to you please read on.

 

Buying a Property in Gibraltar

Purchasing a property in Gibraltar is relatively simple and is very much based on the English conveyance procedure. Once you have selected the property you wish to acquire and agreed a purchase price with the vendor a 2% deposit payment is made to secure the property. The deposit is usually held by the agent as stakeholders in a client deposit account and will be fully refundable should the sale not be completed for whatever reason.

There are three main categories of property available in Gibraltar

1. New Developments aimed principally at wealthy buyers, sold off plan with a phased payment profile to align with the buildings completion. This enables the investor to either keep or flip and onward sale prior to the completion.

2. Restricted Developments, new and existing which were built in cooperation with the government to offer affordable housing for those with fewer funds. These properties whether for Resale or Off plan are usually cheaper but this is because they come with restrictions ie 3 year residency requirement and inability to sublet

3. Older style properties once owned by the British Armed Forces that are being renovated for sale. These are classified in Gibraltar as properties for Resale.

There are no particular restrictions on foreign nationals buying a property in Gibraltar, although those without residency permits or work permits must go through an application process with the Gibraltar government. Those who intend to buy a property in the name of a Gibraltar Offshore Company must know that there may be some tax breaks, so it is highly advisable to get some independent advice from a financial advisor prior to purchasing.

Most properties in Gibraltar are Leashold owned by the Government and managed through the Land Property Services. There are a few of the older buildings that are freehold but not many. When any transaction is completed all deeds to properties have to be registered with the Supreme Court in Gibraltar.

There are a number of fees to consider when buying a property. In the main these are Stamp duty paid which is a percentage of the purchase price. Registration fee with the Land Registry, Supreme Court fee and of course the legal course for undertaking the conveyancing which can vary considerably in Gibraltar. If you would like help finding a suitable Lawyer or the contact details of good tax advisor, please contact us.

The Buying Process made simple

1. Identifying a property & paying a holding deposit

Once you have found your property, you pay a 2% deposit to the estate agent who holds this money in Escrow. The enables the property to be taken off the market. The 2% deposit is later deducted from the purchase price and is refundable if you decide not to proceed.

2. Investigating title & exchanging contracts

The next step is to instruct lawyers who carry out a search at the Land Registry to check the title to the property, any restrictions, impending developments that may be nearby, current mortgage and charges against the property etc.. Preliminary Enquiries Before Contract are also sent to the vendor’s solicitor to ask for clarity on a wide range of points such as building alterations, planning consent, Energy Performance Certificates, Warranties/Guarantees in place, knowledge of problems with neighbours, property issues etc. . The gathering of all this information is to protect your interest and make sure you understand what you are buying fully.

The purchase agreement is drawn up by the vendor’s lawyers and sent to your Lawyer for approval. This agreement sets out the purchase price and the terms and conditions under which the property is being sold. Until a purchase agreement is signed, negotiations take place on a “without prejudice” and on a “subject to contract” basis. This means that until both sides have signed the agreement, no binding contract is made for the sale of the property. When in the contract is signed by both sides it is is known as “exchange of contracts”.

Once this is done, both parties are duty bound to complete thesale/ purchase. If either party default, the defaulting party is liable for all the costs and consequences of pulling out and not going through with the sale.

If a purchaser or vendor pulls out before exchanging contracts, he/she is not generally liable to the other side. However, if a holding deposit has been paid to an estate agent, they may be entitled to retain a proportion of this. This largely depends upon the terms under which the deposit was paid to the estate agent. Most estate agents ask buyers to sign a memorandum of sale or a reservation agreement. Buyers should read the terms of these carefully and ask their lawyers to review them before signing.

3. Completion

A Deed of Assignment, for a leasehold, or a Deed of Conveyance for a freehold property is then dranwn up . This deed is approved by all parties to the transaction and may include the management company of an estate and the original developer. This deed is the document by which the buyer becomes the owner of the property.

The buyers Lawyer will provide a Completion showing details of the purchase price to be paid, the amount of money being advanced by a bank or building society and stamp duty and registration charges payable to the government. At this stage lawyers ask buyers to provide the balance of all required funds needed to complete the purchase of the property. These funds are paid into the lawyers’ client account and payment is made by them to the vendor’s lawyers.

If obtaining a mortgage, the funds will be requested from the bank or building society by the buyer’s lawyers. Buyers only need to provide the balance of the required monies over and above the amount of the mortgage advance. Once the deed is executed by all parties and the purchase price paid, the original historic title documentation and the keys to the property are handed over to the buyer’s lawyers.

4. Registering the deeds & paying stamp duty

It is important to know that all properties purchased for £200,000 or less are exempt from stamp duty. If the buyer is a first or a second time buyer, the threshold is £260,000 to be exempt from stamp duty. In all other cases, stamp duty needs to be paid to the Gibraltar Government. Please see our Stamp duty calculator and our summary sheet of current stamp duty charges.

If you’re looking to purchase a new home, register your interest today by calling 00350 200 51020.

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