24 Sep 13
Overseas property investors searching for an emerging market to maximise their investments need to look at a destination that has been a winter holiday favourite for the British for years this destination is The Gambia. Investor confidence in Gambia has grown dramatically over the last few years. In some regions Gambian property prices have risen by 30% a year over the last two years this combined with visitor figures showing increase of 19.6% from the previous year mean Gambia could be the next big thing.
Gambia now has its own vibrant ex-pat community and has built a reputation as a tranquil, secure destination. Unlike other emerging markets buying property is quite straightforward with property conveyancing and laws based on the British Legal system. The Gambia benefits from an efficient infrastructure base, low inflation, fiscal stability and one of the lowest crime rates in the world this emerging market has now attracting growing numbers of converts.
Overseas property portal Homesgofast.com CEO Nicholas Marr “ When you look at the facts and figures for the region along with the fact that the government is encouraging direct inward investment Gambia appears to have all the hallmarks of an exciting emerging market for overseas property investors. We intend to take on real estate agents to spread the word about Gambian property.
The numbers of Brits owning property aboard is set to jump to 4.4 Million according to figures released by Barclays Bank. Brits in increasing numbers are looking to deploy their pounds further a field in emerging markets to ensure higher capital growth.
Ivor Bartels of Clearvision Networks a London based international real estate consultancy specialises in emerging markets and has recently returned from The Gambia “We have seen a huge surge in interest from couples 5 or 10 years away from retirement. Private pensions have plunged during the last decade and someone retiring today is getting just a quarter of the retirement income they would have received if they had retired 10 years earlier.
Securing a property at Brufut Gardens for example at today’s prices gives them the choice to retire at anytime for just pounds a day and provides a safe haven for their equity in a growing and vibrant property market."
Mr Bartels gives an account to Homesgofast.com concerning a British Investor Tim and his 2 business partners from Reading UK who have just purchased a 30 x 50 beachfront plot for £90,000 in the exclusive Brufut Heights next to the new Sheraton Hotel. “We are going to build a couple of 2/3 bedroom villas in the front and high end flats in the back with an infinity pool” Plots been sold for £25,000 a couple of years ago are now being marketed for up to £120,000.”
Other investors who have recently invested in the region found that The Gambia gave the lifestyle comparable to the Caribbean and also ticked all the boxes for investment potential and returns. One couple bought a 3 bedroom bungalow with a double plot and swimming pool in Brufut Gardens in April 2004 costing £57,000 today similar properties sell for £150,000 plus. However the market is still in its infancy and prices are still exceptionally low.