Gibraltar’s EuroCity Project Proves Highly Popular

July, 16 2018

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Sales have boomed at a ‘landmark mixed-use’ project in Gibraltar, with 200 apartments reserved within just 12 weeks.

The project, EuroCity, includes gardens, pools, retail spaces and a gym, while parking spaces have been built with electric cars in mind.

So far, the average price achieved on the reserved properties is just over £300,000, with more than half of buyers opting to purchase a parking space as well.

Every apartment features USB plugs as standard, a boiling water tap in the kitchen, underfloor heating and Bluetooth speakers in the master bathroom, plus a range of other features.

“We are delighted with these early sales results, a true endorsement of the quality of the EuroCity development and the quality of the entire team involved in this project,” Evgeny Cherepakhov, chairman of the developer, Bentley Investments, said.

“A lot of hard work has been spent and there’s a lot of hard work to go, but we are so pleased with the reaction so far from local residents to what we are creating in Gibraltar, whether as an occupant of an apartment or a visitor to the new retail centre.”

Mike Nicholls, managing director of Chestertons Gibraltar, said the sales figures were quite staggering when compared with any other property launch in Gibraltar in the last 10-15 years. “We are very proud of our involvement in the results so far,” he added. “The quality of design, facilities and specification have been the vote winners amongst our clients, together with the central location. However, we have not finished yet and we are taking new interested parties on the virtual reality tour of EuroCity, every day.”

Gibraltar, which is located on the southern tip of Spain, is only a two and a half hour flight from the UK, and can also be easily reached from Europe and beyond.

The British Overseas Territory, famous for the Rock of Gibraltar, is home to a rapidly growing economy which includes gaming, insurance, fintech and financial services. Demand for property, meanwhile, continues to outstrip supply, with approximately 13,000 Gibraltar employees living in Spain, many of which say they would choose to live in Gibraltar if suitable properties were available.

At present, though, there are only about 250 homes available on the open market to buy and about one tenth of that are available to rent.