What is an extension or loft worth in Gibraltar?
These are works to a house
Extensions, lofts, garage conversions and annexes assume a property you can build on or into — a house, bungalow or cottage with its own footprint. None of them applies to a flat or an apartment, where the floor area is fixed and the fabric is shared. The £/m² basis below is the whole island's stock, flats included.
Space in Ocean Village is asking about £9,136 per m² (47 listings there publish a floor area). Build costs below are published per-m² ranges with a 15% island premium. Neither is a quote, and value added is never the whole story — the first extension on a small house adds more than the third on a large one.
| Work | Size assumed | Likely build cost | Value that space would ask | Difference |
|---|---|---|---|---|
| Demolish and rebuild | 140 m² | £450,800 | £1,279,040 | +£828,240 |
| Two-storey extension | 45 m² | £113,850 | £411,120 | +£297,270 |
| Single-storey extension | 25 m² | £69,000 | £228,400 | +£159,400 |
| Annexe or outbuilding converted space, valued at 75% of the local rate |
30 m² | £72,450 | £205,560 | +£133,110 |
| Loft conversion converted space, valued at 85% of the local rate |
22 m² | £44,275 | £170,843 | +£126,568 |
| Garage conversion converted space, valued at 70% of the local rate |
16 m² | £23,000 | £102,323 | +£79,323 |
What this is doing, exactly
- Value is the local asking rate per m² multiplied by the space added — discounted for conversions, where a converted garage or loft does not fetch what new build does.
- Cost is a published per-m² range for that kind of work, adjusted for Gibraltar. It excludes professional fees, planning fees, VAT or GST, and anything the drawings show that the description does not.
- Granted is this island's own record for that kind of application. It is not a prediction about yours.
- A positive difference is not a profit. It ignores the cost of money, the months of disruption, and the fact that a buyer pays for a house, not a spreadsheet.