Historically, Gibraltar has suffered from an acute shortage of housing. However, with the completion of some luxury developments and some aimed at the local population, this shortage has been alleviated. A large section of the population now lives in privately owned housing. Demand for residential accommodation has been quite strong in recent years with high property prices, although these have tailed off slightly because of the global economic turmoil. The cost of a three-bedroom apartment can be anywhere between £150,000 and £750,000. Some people have opted to buy or rent property in Spain and commute across the land frontier daily. Gibraltar also boasts an extensive range of quality modern office accommodations availableat rents ranging from £21 to £40 per square foot p.a.