Universal Properties Estate resumes business in full force

One of the leading real estate developing agents in The Gambia, Universal Properties, has resumed business in full force after some brief business interruption to settle some internal issues with the British partners of the company, the MarketPlace can reveal.

The company, established in 2009 by Alagie Sanyang, a young enterprising Gambian, offers qualitative services such as sale and letting of quality properties throughout The Gambia as well as complete range of property services including land purchase and land preparation, residential and commercial sales and letting, land purchasing for investment, property valuations, and mortgage advice.

In an interview with MarketPlace at his office located at the FIB Building on Kairaba Avenue, Mr Sanyang said that after the brief interruption, there are lots of good things coming for his customers, “especially those who were all along patiently waiting for the company”.

He said his agency already has a well developed estate in Brufut with 300 plots, which are affordable to low-salary earners. 

“At Universal Properties, our plan is to make housing available to every Gambian, whether rich or poor; we want everybody to have a home as part of our contribution to the development of the country,” he remarked.

According to Mr Sanyang, who is in his late 30s, similar projects, like the one in Brufut, are coming up in Lamin Town and Coastal Road, where they are developing over 120 plots and 76 plots respectively.

Mr Sanyang said:  “The process of acquiring a plot from Universal Properties is very easy.  We are located at FIB Building. Once you come here, we know what you have and we will tell you what we can provide you, and then in no time you have your own piece of land.

Is Gambia’s real estate industry protected from money laundering?

The rapid development in The Gambia’s real estate sector is increasingly becoming a cause for concern as it is one of the sectors that are most vulnerable to the activities of money launderers.

The country continues to witness tremendous development in the construction and real estate sector with strong foreign direct investment.  Almost all the major coastal and some inland towns and villages have at least one housing estate or individual properties situated randomly for sale. 

However, the increased pace of economic development in the real estate sector also presents a challenge to the country.  This is so because The Gambia is yet to fully develop a regulatory framework to shield itself against criminals using real estate to launder their ill-gotten money or proceeds from criminal activities.

The country’s real estate sector is said to be “currently undergoing a boom period”.  This is happening at a time when drug trafficking is also booming, and drug trafficking is one of the ways criminals derive the funds they use to launder.   

Various researches have proven that The Gambia is vulnerable to the activities of organised crimes, like money laundering, and drug trafficking.  

A recent report by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) has revealed that the laundering of illicit money is increasingly a major problem in the country.

The real estate is one of the sectors cited by the report to be most vulnerable to money laundering.

The sector has long been the preferred choice of criminals for hiding ill-gotten gains, and manipulating property prices is one of the oldest known ways to transfer proceeds illegally between parties to a deal.