Govt recoups £1m from affordable property resales

The Gibraltar Government has recouped almost £1 million from the resale of homes in affordable housing developments, as it gears up to tighten resale conditions ahead of the construction of new housing projects.

The figure represents what the Government has received from a total of 94 original purchasers under the terms of their respective underleases for these resales across four housing estates including Waterport Terraces, Cumberland Terraces, Bayview Terraces and Nelson’s View.

But, following the release of that data in a recent question and answer session of parliament, the GSD has called on the Government to explain how it intends to curb the levels of profit made by people who re-sell government-subsidised homes.

Resales at Waterport Terraces have accounted for the majority of the total amount recouped by the Government at £562,071.71.

Additionally, resales at Nelson’s View has seen £162,352.59 returned to Government coffers, resales at Cumberland Terraces mean the Government has received £151,809.15 from that estate whilst the figure at Bayview Terraces stands at £76,645.53.

From the 94 resales, again, the vast majority stem from Waterport Terraces – 43 in total.

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