In the early 1990’s the local Gibraltar Government introduced the “Home Ownership Scheme” where new residential properties were offered to the local population at affordable prices. Over the years these “First time buyers” have naturally moved up the property ladder hence the local residential market has developed into a two-tier market, protecting the local housing needs whilst catering for the growing demand in luxury accommodation. The two markets commonly known as the “Open Market” and the other being “Restricted Market”. In order to purchase in this “Restricted Market”, approval from Land Property Services (Governments Land Agents) must be granted to the purchasers.
Developments within the “Restricted Market” have now been separated into three groups with different criteria for approval.