00:00Gibraltar and Spain share a turbulent history.
00:04After a period of significant tension, the British overseas territory is now moving closer to Spain.
00:09July 15th is set to go down in history.
00:13Alfredo Valencia is one of 15,000 Spanish commuters entering Gibraltar daily.
00:19The 56-year-old crosses here every morning.
00:22For him, the opening marks a special moment.
00:28It's mental relief.
00:29It used to take half an hour, 45 minutes, even three or four hours just to get out.
00:34That was such a waste of time.
00:36And it was a source of despair.
00:38We're coming home from work.
00:39We want to eat.
00:40We need to relax.
00:45Alfredo Valencia put up with this for years because he earns more in Gibraltar than on the Spanish side.
00:51In any case, the rock is booming.
00:53Every square meter is being developed and the chief minister intends for this trend to continue.
01:01That will give business certainty.
01:03It will give people certainty.
01:05It will give the world certainty that you can come and go from Gibraltar and Spain and the rest of
01:11the Schengen area
01:11without having to be worried about bureaucratic processes that have got in the way until now, slowing you down.
01:19Gibraltar, with its 37,000 inhabitants, is located at the southernmost tip of Spain, next to the town of La
01:26Linea de la Concepcion and just 15 kilometers from the coast of Africa.
01:30More than six million tourists visit Gibraltar annually, many for the cheap alcohol.
01:36However, one condition the EU and Great Britain agreed upon to open the border will be higher taxes.
01:43So that's a significant increase and therefore I think anybody trading in goods in Gibraltar is going to face challenges
01:54because their competitiveness is going to be eroded somewhat because of the higher taxes.
02:03But Gibraltar is also known for its service providers such as online betting companies. Opening the border could facilitate their
02:11expansion plans.
02:13Obviously office space, rental accommodation, everything is in quite short supply in Gibraltar. So having a wider choice would certainly
02:21be great for businesses and for individuals as well, I believe.
02:25Many in the Spanish border region are optimistic. More jobs, more tax revenue, and more than just this new shopping
02:32center near the border.
02:36I truly believe we have a historic opportunity here. There are companies based in Gibraltar that would like to establish
02:44a presence in the European Union. And La Linea is part of the European Union.
02:54The relatively poor border town has plenty of space. The housing market has been feeling the effects of the border
03:01opening for months with prices up 20%. Local real estate agents can't keep up with demand and are sounding the
03:08alarm.
03:13My customers come from my local area. This is my target demographic. And given current prices, it's difficult for them
03:20to afford an apartment. It's all because of the opening of the border and the investments made over the past
03:26few months.
03:31Long lines at the border are a thing of the past. However, new challenges await the area.
03:37Thema Limor
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