The answer lies not in shortcuts or subsidies, but in smart planning, a better understanding of the resale market, and working with agents who specialise in helping first-time buyers navigate the process.  At Richardsons, we’ve seen a noticeable increase in young professionals and families securing their first properties—and it’s happening faster than many people think.

If you’re currently renting and hoping to buy a home in Gibraltar, here’s how others like you are turning their property goals into reality.

Why Resale Properties Are Gaining Traction

New builds tend to dominate the headlines, but Gibraltar’s resale market offers several advantages that first-time buyers are starting to prioritise:

• Immediate availability: Unlike off-plan projects, resale homes are ready to move into—ideal for those who want to avoid continued rent payments.

• Prime locations: Many resale units are in established areas such as Main Street, Rosia and South District - locations with proven lifestyle and rental value.

• Room to negotiate: Sellers of resale properties are often more open to price discussions or inclusion of furnishings and fixtures, which can save buyers thousands.

• Character and space: Older homes often offer larger layouts or more unique architectural details than modern developments.

For tenants ready to transition, the resale market is not only accessible—it can also be strategically advantageous.

Smart Saving Starts With a Plan

The biggest barrier to buying is often the deposit.  But savvy tenants are finding ways to reach their savings goals faster:

1. Set a Defined Target

Begin by understanding what you can afford.  Speak with a local mortgage lender or agent to establish your borrowing power.  At Richardsons, we often help first-time buyers narrow down their price range and estimate the deposit they’ll need - typically 10–20% of the purchase price, plus stamp duty and legal fees.

For example, a £300,000 flat might require a deposit of £30,000–£45,000. Once you know the number, you can work backward to create a savings timeline.

2. Cut Unnecessary Costs Without Sacrificing Comfort

Gibraltar’s vibrant lifestyle can be expensive.  But many tenants who successfully transition to homeowners learn to make short-term trade-offs. Common strategies include:

• Cooking at home more often

• Sharing accommodation to lower rent

• Reducing subscription-based spending

• Pausing luxury purchases and high-interest financing

Even saving an extra £500/month can bring you £6,000 closer to a deposit in just one year.

3. Use a Separate Account for Your Deposit

Keep your savings isolated from daily spending. Many first-time buyers set up automatic transfers to a dedicated deposit account immediately after payday. This “out of sight, out of mind” approach helps maintain momentum.

Some even opt for savings accounts with limited access to discourage impulse withdrawals.

Getting Mortgage-Ready

The financing process can feel intimidating, but preparation makes it much smoother. Start by:

• Checking your borrowing amount: Lenders in Gibraltar will assess your income and expenditures. Pay off debts and minimise expenses.

• Gathering documentation: This includes payslips, proof of ID, bank statements, and employment verification.

• Getting pre-qualified: Mortgage pre-approval not only gives you clarity on your budget but also strengthens your negotiating position when making an offer.

Mortgage providers in Gibraltar—such as Gibraltar International Bank, Trusted Novus Bank, and NatWest Gibraltar—offer competitive rates, with fixed and variable options to suit different financial strategies.

The Role of the Right Property Agent

This is where experience matters. First-time buyers often underestimate the importance of working with a trusted agent, particularly in a less regulated market like Gibraltar.

At Richardsons, we’ve built a reputation for openness, transparency and standards, guiding tenants through their first purchase.  Our approach is hands-on, transparent, and tailored to individual circumstances.

Here’s what we focus on for first-time buyers:

• Matching properties to your lifestyle and long-term goals

• Explaining the buying process in plain language

• Advising on offer strategies and timing

• Coordinating with lenders, lawyers, and surveyors to avoid delays

• Spotting potential value or pitfalls in resale properties

Working with the right agent helps you avoid common mistakes and moves you closer to homeownership with confidence.

What to Look for in a Resale Property

When considering resale properties, think beyond aesthetics.  Here are key criteria we help buyers evaluate:

• Condition and maintenance: Are major systems (electrics, plumbing, roofing) in good shape?

• Service charges: Older buildings may have higher communal costs—understanding these upfront is critical.

• Natural light and ventilation: These factors directly impact quality of life and resale value.

• Rental history: A unit that’s been successfully rented may indicate strong investment potential for the future.

• Location perks: Proximity to town centre, schools, or work hubs increases convenience and long-term value.

A well-priced resale property, especially in a desirable area, often appreciates steadily over time.

Real Examples from Recent Buyers

We’ve helped numerous first-time buyers recently secure homes under £400,000 - without government support or deep-pocketed parents.  Here are two typical success stories:

• Josh, 32, rented in Ocean Village for four years and saved £40,000 by cutting back on holidays and car costs.  He purchased a two-bedroom flat in Town Range through Richardsons, securing a mortgage with a 15% deposit and moving in within six weeks.

• Melissa and David, both in their early 30s, combined savings to buy a three-bedroom property in the Upper Town.  By working closely with our team, they negotiated a £10,000 price reduction and had their offer accepted within 24 hours of viewing.

These aren’t rare exceptions—they’re examples of how informed, committed buyers are getting on the property ladder today.

Take Action Today

Buying your first home in Gibraltar doesn’t require luck or insider connections. It requires clarity, discipline, and the right partnerships.

If you’re renting and ready to explore what’s possible, here’s how to start:

1. Speak with a property advisor who understands first-time buyer needs.

2. Set a savings plan that matches your timeframe and target property price.

3. Get your mortgage documents in order ahead of viewings.

4. Be proactive with viewings and offers—the best deals go quickly.

5. Think long-term: The right home is not just where you live—it’s a financial foundation for your future.

At Richardsons, we’re here to help you make that transition from tenant to homeowner, one smart step at a time.

Check out these ideal first homes

Below are some fantastic first homes for those looking to get on the market, along with stamp duty costs, suggested deposits and required household incomes*:

CUMBERLAND STEPS

£315,000

Stamp duty: £3,575

Deposit: £31,500

Required income: £56,700

CASTLE STEPS

£330,000

Stamp duty: £4,400

Deposit: £33,000

Required income: £59,400

ARMSTRONG'S STEPS

OIEO £350,000

Stamp duty: £5,500

Deposit: £35,000

Required income: £63,000

COLLINGWOOD TOWER

£425,000

Stamp duty: £8,125

Deposit: £42,500

Required income: £76,500

STRATHEARN HOUSE

£450,000

Stamp duty: £9,000

Deposit: £45,000

Required income: £81,000

For further information on any of these great first homes, or any other properties we are marketing, contact us now:

call 00350 200 79210

WhatsApp: 35056004845

or email info@richardsons.gi

*Deposit sizes and estimated household income requirements are based on a 10% deposit and an assumption of a 5 times salary mortgage.  This should not be take as financial advice, for more accurate information please speak directly to a mortgage lender.