Holiday Home Insurance in Gibraltar
Insurance for Holiday Homes, second properties or rental property situated in Gibraltar is available from the United Kingdom. Whilst Gibraltar is not known to be particularly associated with any specific natural peril, insurance will be required if you have a mortgage on your property as a condition of the loan. A broad range of perils is usually offered based on a Home Insurance policy. For rental property, liability cover has to be extended to cover the fact that the property is let to tenants and this should be discussed with the insurance company. If you have purchased or are purchasing a property for letting purposes, check with your solicitor as to any special rules and regulations that relate to holiday or long term lets.
Historic Gibraltar, or the Rock of Gibraltar as it is known dominates the entrance to the Mediterranean Sea between the Southern tip of Spain and the coast of Africa. It has an immensely important strategic position, standing guard over the western Mediterranean and history has lead to the towering ‘Rock of Gibraltar’ coming to symbolise strength and security.
Connected to mainland Spain by a narrow sandy isthmus, this tiny outpost is only 3 square miles in size but looms up over the sea to 1390 feet. It has been the frequent location of conquests and sieges but has remained British since 1704 when it was ceded to Britain in perpetuity by the Spanish under the Treaty of Utrecht. As well as being a famous icon, the Rock is very beautiful, it is a nature reserve and it has the only wild apes in Europe, The Barbary Macaques and has Europe’s largest concentration of Dolphins. It shares the same weather as the majority of southern Spain; hot dry summers and mild winters.
Because of it very small size there is not a great deal of holiday or second home property available for sale. What is available, has been going up in price steadily over the last few years. That said, many people who work in Gibraltar have purchased homes or second homes here and prices tend to be on the expensive side. There are several new developments planned and a number have been constructed in recent years mostly aimed at the higher end of the market. Many older style properties have also been converted and fitted out with luxury fittings etc. There are a number of estate and letting agents situated in Gibraltar that can show you what is on offer. When visiting local estate agent, you will notice that the whole area has a very British feel to it, there are a number of well known UK retailers operating here and you could be forgiven for thinking that you were simply walking down a market towns high street ( you might notice that the weather was slightly better though).
As well as pushing up prices, this lack of property for sale has led to many people searching for property further a field, it is easy to commute in to Gibraltar from Spain and the closest town, La Linea de la conception sees it’s property snapped up quite quickly. Other areas close include; Alcaidsa, Duquesa, Torreguadiaro and Sotogrande. A trip to Gibraltar and surround areas is likely to yield a good idea of what is available, as well as established estate and letting agencies, a number of local papers written in English are very helpful. Gibraltar has it’s own International airport that is popular with people wishing to visit the country and Southern Spain.
If you do manage to locate a property to buy in Gibraltar, the process of purchase is quite straight forward and is fairly inexpensive. Solicitors fees, stamp duty and other associated charges are all on the low side, certainly much lower than if you cross the short distance over in to Spain.
As you would expect, the sales process is based on that in practice in the United Kingdom, so anyone familiar with this process will easily be able to understand the process. You are obliged to employ a local solicitor who will need to take information from you to prove you are who you say you are, in Gibraltar, their are very strict anti money laundering laws which much be compiled with at all times. You may be asked for a letter from your bank as to where the funds for your purchase are coming from and cash purchases are completely out of the question. Providing of course you can apply with the above, the process should be relatively straight forward and painless. Gibraltar also manages to benefit from being protected by United Kingdom planning procedures and law, any offending developer or individual that infringes your rights can expect to be dealt with in the appropriate manner.