Is It Cheap To Buy A House In Gibraltar?

Although Gibraltar is tax free for alcohol, cigarettes and perfume, there is certainly nothing tax free about housing costs. The house prices are extremely expensive in Gibraltar; it boasts the most millionaires per square mile in the world.

As the British colony is so small, the Gibraltarian government tries to keep the number of foreigners buying houses to a minimum. This is to ensure housing for Gibraltarian people. Therefore, housing for citizens is subsidised by the government and so if you are Gibraltarian, the housing is extremely cheap. Only certain properties are available for open purchase. Many of the properties advertised by estate agents are for Gibraltarians only. Make sure you enquire before you look around, to save disappointment.

The majority of housing is high rise flats though there are villas and housing in the central area and in the south district, leading up to the rock of Gibraltar. The flats are necessary due to the problems with space. The benefit of buying a house, however, is that it reduces your income tax by an incredible amount. People often take on huge mortgages because the tax difference affords the cost.