The property market in the UK is stagnant. In Spain, and other Mediterranean countries, it's falling apart. Every day, we hear stories of people's investments being destroyed due to the financial crisis in Europe.
Investors are turning away from traditional overseas investments and looking further afield. New countries are emerging as property hotspots for the future. None more so than The Gambia, an undiscovered paradise on the West coast of Africa, less than six hours flight from the UK.
Why The Gambia?
With a stable government, low crime rates, financial stability and a growing economy, The Gambia is starting to become a sought after tourist destination. There has been significant investment in its infrastructure, such as roads, schools and healthcare. The official language is English. The Gambia has everything tourists look for in a tropical getaway; beautiful beaches, palm trees, winter temperatures above 30 degrees and stunning scenery. New hotels, apartments and villas are in demand both by ex-pats and tourists, yet you can still snap up property at surprisingly low prices. The Gambia has a thriving ex-pat community, many of whom live there for some of the year and make a substantial profit renting out their property to tourists.
Is Gambian property a sound investment?
The President and the government have been in power for over ten years, and are committed to encouraging inward investment. As such, property conveyancing and laws are based on the British legal system and subject to the strict terms which govern it. Many Gambian lawyers have qualified and practised in the UK, and all matters are dealt with in English.
Mr Mustapha Njie, CEO of Taf Gambian Property (www.tafgambianproperty.com) and one of the country's leading entrepreneurs, says, "The Gambia has become a big draw for investors from the UK and Europe. It's an ideal time for investors to snap up property, as the currently low prices are set to climb and climb. Property laws in The Gambia are very similar to the UK, so, as long as you get the right advice, buying here is very straightforward."
Property prices are rising steadily in The Gambia and market confidence is high. If there is ever a right time to invest in property, it's right now.