The Gambia is located on the west coast of Africa, extending some 320 km inland from the Atlantic Ocean. It lies on both sides of the Gambia River and is 50km wide at its widest point. It has some 45km of sea front and extends around the estuary of the Gambia River. The river is navigable by small, ocean going vessels for about 190km.
The Gambia has a sub-tropical climate with a distinct hot and humid and a cooler, dry season. Temperatures in the winter months of November to May range from 23°to 26°, summer months range from 26° to 28°, although highs in excess of 30° are not uncommon. The rainy season runs from June to October with August generating most rain at an average 330mm. Average annual rainfall is around 1,020mm. Humidity levels in the winter months are a pleasant 50% to 60% but rise sharply in the summer months when humidity can be 80% +.
The Political Situation
The first democratic elections were held in 1962 and The Gambia gained independence from the UK three years later. Sir Dawda Jawara became Executive President and ruled for 32 years until 1994 when the current President Yahya Jammeh and the ruling Alliance for Patriotic Reorientation and Construction (APRC) Party took control.
As a regional power within the Economic Community of West African States (ECOWAS), Banjul, the capital of The Gambia, has been selected as a regional headquarters for the ECOWAS initiative on conflict prevention, peacekeeping and security in West Africa.
Some reasons to invest
- Fajara is the primary residential area for the Capital, Banjul, and is close to the tourism infrastructure which has developed between Kotu and Kololi, just to the south. The international airport is 20 minutes drive from the site. The location plan is presented on the following page.
- The units will be sold and could be leased back by the resort management company who will endeavor to rent out the units to either the tourist markets, or long term residential letting market and pay a return to their owners. The return in the first two years of ownership is projected at 8% of the net sales price of each unit. After these two years the owners will share in the distributable profits of the rental business.
- Winter sun remains the predominant motive for holiday makers visiting The Gambia. The traditional northern European markets are the UK, Benelux, Germany and Scandinavia, all of which are within a six-hour flight.
- The Fajara Waterfront development will seek to attract buyers of property with investment potential primarily from The Gambia and other West African countries. The operation will compete within the hotel market in The Gambia for market share of tourist demand for holiday accommodation.
- Fajara Waterfront: A Market and Financial Analysis Page 4 International Leisure Management It will also compete with the strong residential lettings market in Fajara and other coastal areas within The Gambia.