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Government confirms lifting of resale restrictions Image

Government confirms lifting of resale restrictions

News

April 27, 2023

His Majesty’s Government of Gibraltar has written to the management companies of affordable housing estates whose underleases were granted 30 years ago or more, to confirm that the resale conditions on these properties will no longer apply, as long as certain conditions are met.

This completes a manifesto commitment to relax lease restrictions at affordable estates.

The GSLP/Liberal Government is proud to have introduced the principle of affordable housing to Gibraltar and of its track record in delivering on affordable housing across administrations for the benefit of generations of Gibraltarian families.

This unprecedented investment in homes for families required provisions to be made to prevent speculation for profit. However, the Government considers it fair that 30 years after the first conveyance of these properties, the resale restrictions should no longer apply if the party selling has owned that property for at least 10 years. In order for the resale conditions of an affordable property to be lifted:


• The underlease for the flat must have been granted at least 30 years prior to the proposed sale; and

• The vendor(s) must have owned the flat for at least 10 years prior to the proposed sale.


It will still be a requirement for consent to be sought for the sale of any flat within an affordable housing estate. The only difference will be that the resale restrictions will be waived so long as the proposed sale is in respect of a qualifying flat. It will be Land Property Services that verifies whether a flat qualifies to have the resale restrictions in its underlease lifted.

The Chief Minister, the Hon Fabian Picardo, said: ‘I am proud of this Government’s proven track record of investing in affordable housing. Whilst many young people look forward to the completion of the first phase of Hassan Centenary Terraces, it is fair that those who purchased in estates that were constructed more than 30 years ago should no longer be restricted by the resale conditions of the original underlease, as long as they have lived in that property for at least 10 years. This will allow families whose needs may have changed in that time to sell on the open market, whilst maintaining the prevention of speculation on new affordable properties so that the policy continues to work in the way that it was always intended to; to provide affordable homes for generations of Gibraltarian families.’

Source: www.gibraltar.gov.gi

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