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Following on from the recent updates on completion dates for the new affordable estates, Her Majesty’s Government of Gibraltar would like to provide an additional update on the payment of instalments by purchasers.

The purchase agreements for these estates state that instalments have to be paid monthly from the date of signature until the date of completion of the purchase of the flat. However, as a result of the inevitable delays arising from the effect of the COVID pandemic, purchasers will only be obligated to pay a minimum of 36 monthly instalments. After this, purchasers can continue paying monthly instalments if they so wish; however, they may choose to stop paying instalments at any point after the 36th month and prior to completion.

Purchasers who choose to stop making the monthly instalments in this manner will not be able to restart making monthly payments, and will have to wait until completion to pay the balance of the purchase price of their property.

The Minister for Housing, Steven Linares, said: “Government is aware of the difficulties which purchasers face as a result of these unfortunate but inevitable delays. We are hoping that this measure will assist many purchasers with their finances for the purchase of their future homes.”

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The Gibraltar Magazine is your monthly business, entertainment, and lifestyle source. Providing the community with the latest breaking news and quality content since 1995. Every month, 100 pages are packed with gripping features from a cross- section of the Gibraltarian community in business, culture and leisure. We have pledged to support the wealth of local talent, constantly promoting young artists, musicians, authors and entrepreneurs and presenting what’s on around the Rock. In the business section, we focus on finance, property, and gaming industries. Embracing the latest technology and updating our website daily, we’re able to provide increased and up-to-the-minute information. The magazine has been operating for 25 years, which speaks volumes for our forward-thinking team who strive to take a fresh direction each month, as well as our loyal readership and confidence of advertisers.