Key regions: Europe, Brazil, France, Asia, United States
The Residential Real Estate market in Gambia has been experiencing significant growth and development in recent years.
Customer preferences: One of the main customer preferences in the Residential Real Estate market in Gambia is the demand for affordable housing options. Many potential buyers and renters in the country are looking for properties that are within their budget and offer good value for money. Additionally, there is a growing interest in properties that are located in safe and secure neighborhoods, with access to amenities such as schools, hospitals, and shopping centers.
Trends in the market: One of the key trends in the Residential Real Estate market in Gambia is the increasing demand for rental properties. This can be attributed to various factors, including the growing population and urbanization in the country, as well as the influx of expatriates and foreign investors. As a result, there has been a rise in the number of residential developments and apartment complexes being built to cater to this demand. Another trend in the market is the rise of gated communities and housing estates. These developments offer a range of amenities and facilities, such as swimming pools, gyms, and communal spaces, which are attractive to buyers and renters looking for a higher standard of living. Additionally, these gated communities provide a sense of security and exclusivity, which appeals to certain segments of the market.
Local special circumstances: One of the local special circumstances that has influenced the Residential Real Estate market in Gambia is the country's tourism industry. Gambia is known for its beautiful beaches and vibrant culture, which attracts a significant number of tourists each year. As a result, there is a demand for vacation rental properties and holiday homes, particularly in popular tourist destinations such as Banjul and Kololi. This has led to the development of real estate projects specifically targeting the tourism market.
Underlying macroeconomic factors: Several underlying macroeconomic factors have contributed to the development of the Residential Real Estate market in Gambia. One of the key factors is the country's economic growth and stability. Gambia has experienced positive GDP growth in recent years, which has created a favorable investment climate and increased consumer confidence. Additionally, the government has implemented policies and initiatives to promote the real estate sector, such as tax incentives for developers and streamlined processes for property transactions. These factors have attracted both local and foreign investors to the market, leading to increased construction activity and a wider range of housing options. In conclusion, the Residential Real Estate market in Gambia is experiencing growth and development due to customer preferences for affordable and secure housing options, as well as the increasing demand for rental properties. The rise of gated communities and housing estates, as well as the influence of the tourism industry, are also shaping the market. Underlying macroeconomic factors, such as economic growth and government policies, have further contributed to the market's expansion.
Data coverage:
Figures are based on total and average value of residential real estate, residential estate transactions and leases.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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