Overseas property hotspots focus on an undiscovered paradise

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.

Gambia's property boom: how Mustapha Njie is helping to 'house the nation'

Making the Gambia a safe haven for investment

Over the last ten years, the Gambian government has been committed to making The Gambia a safe haven for investment by encouraging private sector growth. The country has a stable economy, with property laws based on the UK legal system and significant investment in infrastructure such as roads, schools and hospitals. As a result of the government's policies, and the hard work of successful businesses such as Taf Gambian Property (www.tafgambianproperty.com), Gambia's property market has become a major success story.

Operation House the Nation: how it began

In 2000,Taf Gambian Property ventured into large-scale housing development. Taf Gambian Property is part of Taf Holding Company Ltd, owned by Mr Mustapha Njie, one of The Gambia's most respected businessmen. Code-named 'Operation House the Nation', the project had two goals. Firstly, to give the Gambian people an opportunity to own well-built, good quality homes, and secondly, to provide a good selection of property for outside investors.

Two sites were allocated to Taf Gambian Property for the development of low, middle and high-income houses: Yarambamba Housing Estate in Yundum, and Brufut Gardens in Brufut.

Yarambamba Housing Estate

This site comprises of two hundred and ten highly affordable two and three bedroom houses, giving local Gambians an unprecedented opportunity to own or lease their own homes. The site has excellent amenities with well-maintained roads, a mosque and a bustling market. The total project cost was $4.5 million and the company received $1.00 million as co-financing from Shelter Afrique, a Pan African Housing Finance Institution based in Kenya. The project was finished in early 2004.

Brufut Gardens

Overlooking the Atlantic Ocean, opposite the newly built five star Sheraton Hotel, Brufut Gardens is Gambia's most modern and impressive housing estate, comprising over five hundred houses and apartment buildings. This beautiful site is just a five minute drive to Senegambia, The Gambia's main tourism area. Amenities include landscaped terraces and sidewalks with over 1,800 tropical fruit trees, 24 hour electricity and water supply, street lighting, garbage collection and 24 hour security. The total project cost was $35 million. Shelter Afrique has contributed $2.5 million in financing.

Looking to the future

Due to the work of companies such as Taf Gambian Property, the country is fast becoming a major tourist destination and an ideal place for investors to make their mark. As we look forward to the next ten years, Gambia's future is looking bright.

What public-private partnership can do

Public-private partnership work when the main stakeholders put their mind to it. In The Gambia, a partnership between the government and a private company, TAF Holdings, has borne immense fruits.  Here, Mustapha Njie, the CEO of TAF, relates what the company has done in partnership with the government. 

In 2006, The Gambia hosted the African Union (AU) Summit and the government approached TAF Holding Company to build and furnish the presidential residences in the country. We built 52 furnished villas in four months, this was Kofi Annan’s last year as the UN secretary general and he was also in attendance.

We built and managed the AU Villas during this period and the vent itself was attended by over 45 heads of state and other dignitaries. The Summit was one of the biggest ever and went extremely well, with all our properties completed on time, and up to the standards expected by our distinguished guests.

In my new mission, I have a Pan Africa vision in addition to my passion for travelling in Africa. I have been in over 36 African countries thus far. As far as housing in concerned, TAF is now a strong brand in African housing. We have come a very long way and we want to replicate what we are doing in The Gambia in other African countries.

We have made our mark in The Gambia and our success need to be repeated in other growing African economies, targeting the increasing middle class. Our focus is not only on mansions or grand estates; we aim to be putting a roof over people’s heads, and to do it most efficiently with the services are best suited to complementing current lifestyles and need: for example, going green and eco-power.    

We are targeting up to 22 other African countries, and are actually putting together a consortium on housing with a focus on technology, infrastructure and renewable energy, even the possibility of using waste energy; these are all ideas to be tested but we do allow for greater expansions, partnership and co-operation.

We have worked well, and with support from The Gambian government, we have been aided by development incentives to achieve our vision. We would like other potential African governments to see what the government has done with us here in The Gambia, in a successful public-private partnership. The regulatory framework on land administrations has encouraged us to grow and develop.  We would want to see how this model can be successfully transported into other African countries. We market our properties both in and outside of The Gambia, to both Gambians and non-Gambians. We have sponsored TV documentaries in showcasing The Gambia as a tourist destination and an emerging African investment heaven. In our partnered TV campaigns, we also run inspection trips to The Gambia for our potential buyers. Overwhelmingly, the response is positive. This is direct marketing and allows people to see the properties we have to offer and the country itself.

This is important because we are not only promoting quality TAF products and homes, but the country as well. Moreover, I believe we have a responsibility to our countries in Africa as a whole. Our countries are emerging, they are growing, it’s not only the role of the government to promote the country, we are happy to do things in partnership with the government.

For Further Information please visit www.tafgambia.com or email information.services@tafgambia.com