The boom in rental properties across the globe makes buying an apartment a must-have in your investment portfolio. Apartments offer a hassle-free investment for foreign investors in comparison to buying homes.
In this article, we share with you the advantages of investing in an apartment and tips on buying an apartment as a foreign investor.
What Makes Apartments a Good Investment?
Traditionally, buying houses or land has been the go-to directive when anybody thinks of property investment. While this approach undoubtedly has its benefits, it always has some cons that you must consider especially if you intend to invest in Gambia as a foreign property.
Brand-new houses tend to be expensive, and many would think of going for older houses. But opting for older houses also means a start-up cost which would include repairs, furnishing, and other such expenses. For foreign investors, this might not be an ideal way to property investments, unless they are looking to invest in a home away from home.
However, even if you consider purchasing a vacation home in a foreign country, you will have to take up the full responsibility of maintaining it. And if you can’t do it yourself, you will have to pay a maintenance company to do it. All this adds up to the costs.
Renting houses is also difficult almost anywhere in the world. In most scenarios, houses are built further away from the happening places in a city and are designed for a more relaxed lifestyle. In comparison to houses, apartments are relatively less expensive and tend to be centrally located with easy access to amenities and often come with facilities such as gym and swimming pool.
The location and lack of amenities, both of which are prime factors for renters, result in houses delivering lower rental yields in contrast to apartments. Even if you intend to create a House of Multiple Occupancy, you have to bear in mind that there will be unexpected costs with a longer tenancy commitment. On the other hand, most apartments have a management service that takes care of maintenance and security.
Just as with a house, when it comes to buying land, finding one within your budget, the costs of developing it, the maintenance costs, and the paperwork involved can make it a hectic investment.
Why Choose the Gambia?
Gambia, also known as “The Smiling Coast of Africa”, is a little, friendly country in Africa with direct flights connecting to continental Europe and the USA. The country’s laid-back lifestyle is perfect for those looking to move to a slow-paced lifestyle. Additionally, the country has a very low crime rate and is one of the safest countries in Africa.
Expats will find the Gambia to be an affordable country with lively marketplaces and friendly locals. Those that love the outdoors will be happy to know that the country offers many spectacular beaches, natural reserves, and thrilling experiences such as safaris and birdwatching.
The country enjoys a tropical climate with a few months of rainy, humid weather with temperatures lying between 29 to 34 degrees Celsius (84 to 93 degrees Fahrenheit) for most of the year.
You will hear diversity in languages with common local languages being Wollof, Jola, and Fula. However, English is the official language and is spoken by many, which means ex-pats do not have to worry about communication problems.
Advantages of Buying an Apartment in the Gambia
The Gambia is an upcoming property investment heaven for many international investors, especially from the US and the UK. Here are a few reasons why you should invest in an apartment in the Gambia:
- The Gambia does not have any restrictions on foreigners taking on ownership of properties.
- Purpose-built apartments are usually leasehold properties. Thus, the maintenance of external and communal spaces is not the responsibility of the investor.
- Additionally, apartment buildings come with 24-hour concierge and security service.
- In comparison to houses, apartments have relatively higher returns with lower capital investment.
- Apartments are usually built-in central or thriving locations making them a high-demand investment.
- Apartments tend to have modern interiors and amenities which attract renters and are relatively easier to rent in comparison to houses.
Tips for Buying an Apartment in the Gambia
If it is your first time investing in an apartment property in the Gambia, then here are a few tips to remember:
- Consider investing in landlord insurance in addition to homeowner’s insurance to take care of unexpected costs such as lost rental income, liability protection, and property damage.
- Look for apartments with management services to make it easy to maintain your apartment even when you aren’t in the country.
- Choose an apartment in a stable or prime location with plenty of amenities in close proximity to attract renters.
- Make sure you are well aware of the hidden costs, and invest with a reputable developer and professional broker.
Properties in the Gambia by Swami India International Ltd.
Swami India International Limited’s under-construction project, The Diplomat, is a gorgeous commercial and residential building with two towers with 7 and 10 floors in the heart of the Gambia. Constructed in collaboration with ACE Communications Executive, The Diplomat is centrally located in the Kanifing Institutional Area and is near Fajara, Kairaba Avenue, Banjul, and Senegambia.
The Diplomat offers an elevated urban living lifestyle with modern facilities and a variety of apartment-size options. The well-planned development comes with many amenities such as a well-equipped gymnasium, swimming pool, children’s play area, and car park facilities.
Apartments are a good choice when it comes to property investments, especially for first-time property investors. Their lower capital and higher rental opportunities, in addition to the variety of amenities and prime location, make them a better choice than buying houses for foreign investors.
Swami India International Ltd.’s luxurious properties in the Gambia are perfect for those looking to invest in this thriving tourist destination. Contact us to learn more about our projects or to schedule a visit to our properties.