Anyone can buy a property in Gibraltar which is in the open market. EU citizens have the right to live in Gibraltar. Other foreign nationals may enter or live in Gibraltar subject to their visa status and employment status. See our residency page.
What is the difference between the open market and the local market in respect of property purchases in Gibraltar?
The open market in Gibraltar consists of properties where there is no eligibility criteria to purchase the property. Once purchased, the owner may reside in Gibraltar (subject to residency rules), visit the property for short breaks or let the property. All properties on the Chestertons website are in the open market unless stated otherwise.
The local market in Gibraltar consists of properties with an eligibility criteria of a minimum three years of Gibraltar residency before being able to purchase. Chestertons has a dedicated page for these properties. Click here.
Stamp duty is between 0% and 3.5% of the purchase price of a property. There are special concessions for first and second time buyers. There is also stamp duty on a mortgage which peaks at 0.2% of the loan. See our stamp duty calculator.
The 3 year residency property market (also known as the local market or restricted market) extends to only those applicants who have been living in Gibraltar for a continuous period of 3 years. This is normally evidenced by a Gibraltar ID card. These properties may only be occupied by the owner and his / her immediate family. These properties may not be rented out to any third party and are therefore unsuitable for buy to let investors. Given these restrictions, these properties trade for lower prices than unrestricted open market properties. Contact us if you have any questions.