2024 Real Estate in The Gambia

9th January 2024
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Explore the growing real estate market in The Gambia for 2024.

2024 Real Estate in The Gambia

The Gambia's real estate market shows promising growth potential in 2024, with experts projecting the housing sector to expand resulting in increased market volume between 2024-2028. Supported by political stability and rapid economic development, Gambia is forecast to grow over 5% annually - attracting foreign real estate investors seeking to capitalize on this emerging property market. Increased investment is lining up with high demand from young professionals and families searching for affordable apartments, houses, and other residential units to buy or lease long-term.

Industry leaders predict average housing prices may rise but remain competitive compared to global benchmarks. For estate agents and other Gambia real estate professionals, 2024 presents ample opportunities to match buyers, sellers, landlords, and tenants with their ideal properties

Affordable Cost of Living Drives Interest

A key driver of Gambia's promising real estate growth into 2024 is the country's relatively affordable cost of living compared to major global cities. For example, industry data shows the average 2023 monthly rent for a 3-bedroom apartment in central neighbourhoods of the capital Banjul runs approximately $500. This is significantly lower than comparable rental rates in most developed capitals abroad. For buyers, median house purchase prices clock in under $100,000 in areas like Fajara and Brufut as of late 2022.

This positions properties to generate a strong rental yield. As political stability and economic expansion continue through 2028, above-average GDP growth of over 5% annually will likely appreciate capital values across residential and commercial assets. These market conditions are attractive for foreign investors seeking undervalued buys or to establish income properties catering to young professionals and families.

Prime Locations Lead in Property Popularity

While much of The Gambia offers relative affordability, certain prime areas like Kanifing, Bakau, and Serekunda are seeing heightened demand in 2024's real estate market. These regions offer bustling city life with housing under budget for many foreign and local buyers looking to invest in property. Along the Atlantic coastline, attractive areas like Gunjur and Tanji are popular with those desiring a sea view at a fraction of the cost of Europe's rivieras. The Gambia is projected to grow over 5% annually, resulting in a market volume between 2024-2028 with housing prices and units on the rise.

Strong Economic Growth Underpins the 2024 Market

Experts predict The Gambia’s GDP to grow over 5% annually over the next 5 years through 2028 - stimulated by political stability, business-friendly policies, and a rapidly developing economy. This dynamic macroeconomic environment strengthens the real estate sector's investment viability and positions property as an increasingly attractive asset class in both residential and commercial verticals.

As more multinational corporations, startups, and other businesses launch Gambian operations, demand for commercial real estate leases and purchases is expected to rise steadily. This presents prime opportunities in investment-grade spaces like Class A office buildings, mixed-use retail complexes, and industrial warehouses catering to logistics and manufacturing. 

The Gambia Real Estate Developments Focused on Green Building

Eco-conscious and sustainable construction is a major emphasis for many new real estate development projects in 2024 and going forward. Green building materials and renewable energy systems integrated with intelligent home automation are strong selling points with environmentally-minded property buyers and investors. Such communities designed around nature promise utility bill savings as well as health benefits long-term. With rising construction costs, developers able to leverage the latest in energy-efficient tech like solar panels and smart metering gain a competitive advantage.

For those considering buys, leases or investments in The Gambia’s promising and rapidly evolving property market, seasoned real estate professionals and estate agents can pinpoint ideal locations matching lifestyle needs and budgets. Factors like walkability, amenities, neighbourhood demographics, and infrastructure access should be evaluated - while monitoring market conditions and pricing in real time.

Escape to Serenity at this Stunning New Beachfront Development

Tanji Cliffs is a brand new beachfront development along the Atlantic coastline of The Gambia that promises a coastal living experience like no other. This sought-after destination has quickly become one of the most desirable communities for those looking to own property in this tropical Gambia real estate paradise near Tanji village. Read on to learn what makes Tanji Cliffs a one-of-a-kind opportunity for resort-style living along one of Africa's most picturesque shorelines, with breathtaking cliff views and abundant local activities like fishing, kayaking and camel riding adventures. The development boasts spacious apartment units starting from 92 square meters, resort amenities like a pool, spa and restaurant, and a convenient location near tourist spots like Serekunda and Banjul.

Why Choose Blue Ocean?

Here at Blue Ocean Properties, we are a real estate company that specialises in property development in The Gambia. We maintain a full-time team of well-trained Gambian real estate professionals who are highly skilled and dedicated to our services. We aim to establish long-term relationships with our clients by prioritising their needs. Therefore, whether you are a professional seeking temporary accommodation, a family seeking a home or anything in between, Blue Ocean Properties can provide you with a solution. 

Please don’t hesitate to contact us

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