The Gambia is a popular holiday destination that has every type of vacation you can tick off your bucket list. From romantic getaways for honeymooners to adventurous trips with friends, it has it all. When it comes to demand, the tourism and hospitality sector in The Gambia has seen a significant rise contributing as much as 16%-20% to the country’s GDP.
Tourism is one of the main drivers behind investors from Europe flocking to the Gambia to tap into the real estate market. The Gambian real-estate industry is lucrative for those who are looking to expand their investment portfolio and we are going to look at some of the reasons why it is so.
1. Supportive Government
Numerous investment opportunities are opening up in the Gambia since the government has been supporting the laws of government for the development of the real estate market. To lure foreign investors with minimum bureaucracy, the new government has been successful in preparing a medium-term strategy that is the NDP (national development plan) to mobilise resources to carefully prioritise and sequence investment projects. Investment in construction has seen significant growth of up to 13% with finance, real estate, and businesses services continuing to set the bar and contributing more to the economy. There are many reasons which make the Gambia a safe investment destination. Factors such as low inflation and low crime rates can convince the foreign investors to make business in the country that is popularly known as the ‘Smiling Coast of Africa’
2. Tourism & Hospitality Industry
The tourism and hospitality industry in the Gambia is successfully generating jobs for youth and experienced professionals where average hotel occupancy reaches up to 90% during the winter season. Over the past decade, the number of hotel chains have increased significantly and considering the room for expansion, the government is welcoming the construction of 4-star and 5- star hotels with improved tourism facilities for holidaymakers.
The River Gambia is also opening development opportunities for
- Business, Sports and recreational facilities
- Eco-Tourism Resorts
- River Cruising Ventures
- Professional water-sports and game fishing facilities
Encouraging greater private sector investment in tourism is a blessing in disguise for the real estate market which will benefit a great deal from this all-around development.
3. Internet
The Gambia continues to register successful entrepreneurs in the IT sector and many other industry verticals. This also offers internet technology investment opportunities to investors to solve real-world problems which will only benefit the real estate market as standards of living will continue to improve.
The Gambia needs thinkers, developers, and financers more than ever and internet access with the latest technology and tools will significantly boost employment growth. Companies like Unique Solutions and QuantumNet Group are a new ray of hope in the country that is bringing new benefits to the smartphone generation but more needs to be done to streamline all walks of life with the internet as it is being done in most of the developing countries.
4. Energy Sector
Like many other African countries, the majority of the Gambian population cannot afford to pay rising electricity bills. However, it is not the end of the world since it only makes it increasingly attractive for the government to invest more in biodiesel, solar, steam and wind energy for a sustainable future. Renewable energy is a sector with immense potential and opportunity for foreign investors which can be maxed out for the real-estate sector to thrive. Some of the opportunities are:
- utility-scale power generation in urban and town set-ups
- Off-grid or mini-grid solutions in rural and remote areas
- non-electric applications such as solar drying
5. Agriculture Sector
Agribusiness and the agriculture sector employs about 75% of the Gambian labour force however accounts for less contribution to its economy. With a farm supply chain. inputs, production, value-adding, distribution and trading, there are numerous agribusiness opportunities for any potential investor who can reap a reward in the production set-up. Investors are predicted to make fortunes in this industry because of the rapid population growth raising the demand in quick succession.
Real-Estate In Gambia Is Going to Provide Great Investment Opportunities
If you are looking to expand your investment portfolio, then look no further than the Gambia. Taking all the factors highlighted above, the real estate market in the Gambia is seeing a steady increase for you to tap into the opportunity and make the best returns on your investment in the long run. With the support of the government already behind your back and favourable conditions, the time is ripe to make the best out of the opportunity on hand.