Residential Real Estate - Gambia | Statista Market Forecast

The Residential Real Estate market market in Gambia is projected to reach a value of US$24.44bn in 2024.
It is expected to have an annual growth rate (CAGR 2024-2029) of 6.87%, resulting in a market volume of US$34.07bn by 2029.
In global comparison, China is expected to generate the highest value in the Real Estate market, amounting to US$112.9tn in 2024.
Gambia's residential real estate market is experiencing a surge in demand, driven by increased tourism and foreign investment.

Definition:

The residential real estate market covers the leases and transactions of residential properties. Residential real estate leases refer to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums, while residential real can be defined as buying, selling, or transfer of ownership of residential properties.

Structure:

The residential real estate market covers real estate transactions and leases, and the section, residential real estate leases, is divided into apartment and house leases.

Additional information:

The market contains the following KPIs: real estate value aggregated for all countries and regions, average real estate value, real estate transaction revenue, number of real estate sold, number of leased and owned real estate, average room per resident, and dwelling type shares. The dwelling type shares comprise the share of the population that lives in houses and apartments. These shares are displayed for real estate owners and for real estate renters as well.

Residential real estate transactions
Residential real estate leases

Real estate agencies
Construction companies
Accommodation services, such as Airbnb
Commercial real estate leases and transactions
Publicly owned buildings used by the local government
Buildings used for public health care services

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate - Gambia

Value

Volume

Analyst Opinion

Transaction Value

Revenue

Household Type

Living Space

Methodology

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