A new development in Gibraltar has completely sold out within 36 hours of its launch to the general public.
With a 100-strong VIP Advantage List, who had already paid a refundable deposit and received plans and prices 48 hours in advance, and with the help of an oversubscribed waiting list, all 125 luxury apartments at Ocean Spa Plaza were swiftly sold earlier this month.
Karen Houston, Sales & Marketing Manager for Ocean Village, says there is “phenomenal pent-up demand” for luxury accommodation in Ocean Village.
The company’s previous project in September 2015 sold out in five days, but this time, the units were snapped up so quickly that the majority were sold in the first 90 minutes of general release.
Karen says Ocean Village’s residential projects have a history of immediate sell-out thanks to “unsurpassed facilities combined with strong rentals with no voids”.
The limited supply of land is likely a factor too.
“We could probably sell another 125 units in a heartbeat but sadly, with no more land available, we think Ocean Spa Plaza will be the last off-plan project at Ocean Village,” adds Karen.
Arranged across floors eight to 16, with Presidential Penthouses on the 17th storey, the 125 high-end apartments will enjoy panoramic views afforded by the oval superstructure. Oversized windows and huge, deep terraces come as standard, with a select number of garden apartments on the eighth floor.
Gibraltar’s financial appeal for overseas investors also gives the market an edge: there is no capital gains tax, VAT, inheritance tax or wealth tax in Gibraltar and both stamp duty and corporation tax are kept very low.