Receive newsletters to see our most recently added Properties, fill in your email address below:
Why property in Gambia is an investor’s dream
Real estate in Gambia is big business. Investors who grab a slice of the booming property market are seeing great returns. But why is this, when many other countries such as the UK are stagnating?
People are buying a lot of overseas property – it is seen as more affordable, and everyone likes the thought of their own holiday home or retirement property in the sun. Traditionally, properties in France, Spain or Italy were seen as a good option. But we’ve all seen stories about buyers getting stung by unexpected costs and confusing property laws. Plus, property prices in many European countries have crashed over the past few years.
Not so in The Gambia. Property has been an area of steady growth, and there are plenty of opportunities for buyers.
More and more of the population are renting or buying their own homes. Over the past two decades, both the government and property developers have been building new homes and flats to meet a growing demand for property in Gambia, especially the capital Banjul and its surrounding areas.
The tourism industry is thriving. The demand for holiday properties to rent in The Gambia is steadily growing – plus, more people are looking to retire to this beautiful country.
Commercial property can also be a good investment, such as offices, shops and restaurants. This is because more and more people are starting their own businesses.
Costs involved in buying real estatein Gambia are clear and straightforward. A buyer will usually have to pay stamp duty, lawyer’s fees and land rent. There are plenty of good lawyers in who will be able to advise.
Property laws are similar to the British system, unlike countries such as France and Spain. This means that the conveyancing process is straightforward and carries less risk for buyers. In fact, the completion period is usually just 30 days.
Some tips for buying property in Gambia:
Make sure you find a good lawyer. Ask for references, and check their fees.
Take time to research the area in which you wish to buy. What is the demand like? Is the infrastructure, such as roads and utilities, of a good standard?
Carry out checks on the property developer or builder. Do they have a good track record, and how many other properties have they built?
Make sure you take into account all the up front costs, such as lawyers’ fees, stamp duty and land rent.
You can view a selection of properties and land to buy or let in Gambia here.