ALAN PALAO, DIRECTOR OF PROPERTY ZONE GIBRALTAR AND REAL ESTATE VETERAN, INTRODUCES GIBRALTAR’S FIRST NEARLY ZERO ENERGY BUILDING: KEYSTONE RESIDENCE
Question: With over 35 years of experience in real estate, what is your favourite thing about working in Gibraltar?
Answer: Having been in real estate for a few decades, both locally and internationally, I can say that doing business in Gibraltar has its advantages due to its unique market. Gibraltar is a British Overseas Territory located on the southernmost tip of Spain. With Morocco situated 14 miles away across the Strait we are at the entrance to the Mediterranean Sea, making the Rock a strategic military point throughout history.
Today, with its robust regulation based on UK law, favourable tax advantages and imminent inclusion in Schengen, Gibraltar continues to attract businesses and their staff, investors and high-net-worth individuals in search of a little bit of Britain in the sun.
Q: Sounds like Gibraltar’s real estate market has unique dynamics, particularly given its size, location, and political context. How do you see the market in Gibraltar evolving, and what do you think are the biggest opportunities and challenges for buyers and investors?
A: Becoming an international hub for the online gaming, insurance and crypto industries in recent years, Gibraltar’s property market has continued to grow for decades. And it doesn’t look like this will change any time soon judging by the number of developments programmed over the next decade.
Gibraltar offers a high quality of life, which continues to make us a very popular destination: fuelled by the increasing number of people wanting to live and raise their families in Gibraltar, the great education system based on the British curriculum, safe community environment and easy access to weekend activities in Andalusia. We are an expanding, very well-connected industry and so it’s important to partner with an established player like Property Zone Gibraltar who can help you navigate through the sea of local nuances.
Q: What advice would you give to someone starting out in real estate?
A: Real estate can be tough at times, and not everyone is suited to it. Being confident and having good people skills is a must. Having a strong work ethic goes a long way, too. It’s a competitive industry, so being able to work fast and work smart are also brilliant skills to have.
Q: Can you tell us more about the unique features of your new off-plan development, Keystone Residence? What sets it apart from other property developments in Gibraltar?
A: Recognising the importance of sustainability in our world today, Keystone Residence is Gibraltar’s first Nearly Zero Energy Building. This includes green areas, gearless lifts, solar tiles, hybrid water heaters, and shower heat recovery systems. The rooftop will house a pool with stunning views, as well as various relaxation areas and a covered hot tub.
Also, we have designed Keystone Residence with the aim of selling primarily to end users. We obviously welcome buy-to-let investors too but most recent developments in Gibraltar have focused on the apart-hotel style, with a whole building of studio apartments specifically targeting them. However, we offer from studios up to four-bedroom properties and great amenities for the enjoyment of families as well as professionals looking for a base in Gibraltar.
Q: What is the timeline for this off-plan development, and when can buyers expect to move into their new homes?
A: We are about to break ground and are aiming for the entire build to take no longer than 27 months. We have full planning permission and are fully funded. We have partnered with a renowned international contractor and are raring to go.
