In today’s post, We will be talking about rental prices and land value. The figures and table for today’s post are based on analysis using the Gambia Bureau of Statistics’ (GBoS) Integrated Household Survey 2015; specifically, the housing dataset. Figures 1, 2 and 3 show by district, the average rental price per room, the estimated rental price per room (if house is rented out) and the estimated value of the land (if it were being sold) per room. Figure 1 is straight forward to understand, we use the variable “how much does is the cost of rent” and divide that by the number of rooms in the house. This gives us the cost of per room that the household is paying (Note that this is in 2015).
As in the previous posts, darker colors signify higher rents per room. Figure 1 follows conventional wisdom, with rental prices per room being higher in urban areas, particularly Banjul and KMC than in rural areas. The lowest prices per room can be found in relatively lower density districts. The aberration here is Jarra Central (the black colored district in the center of the map). We would also like point out that we do not have any data Niamina West.
Figure 1: Average, Rent cost per room by District
Figure 2 needs a bit of explaining. Households that were not renting during the IHS 2015 were asked how much it would cost to rent such a place. We can think of this as the estimate rental price or the first price the household would charge someone for renting their place. This price is divided by the number of rooms in the house. Similar to Figure 1, we have the same trend in terms of heat, with urban areas having the highest estimated rent per room in the country. Niamina West, Foni Bondali, Wuli West and Sami are the four cheapest places to rent in the country. For those interested in the actual costs, The Annex table shows the actual values for all three measures discussed today.
Figure 2: Average, Estimated Rent (if rented out) per room by District
Figure 3: Average, Estimated Land Value (if sold) per room by District
Figure 3 is a bit trickier to discuss. Since we are dealing with land prices, the ideal would be to divide the cost of the land by the area, giving us the value per square meter. Unfortunately, the IHS does not provide the area of the land the household lives in. Therefore, we will have to use the number of rooms as in the last two measures. The figure above gives the dalasi value of the land the household lives in (had they sold it) per room in the house. Again, we can view this as the “first price”, or as we Gambians like to call it “foss price”, the owner would charge someone who wants to buy their land. Compared to Figures 1 and 2, the estimates show a similar pattern to the actual, and therefore we can be fairly confident that this estimate shows a similar pattern to the actual price of land.
For those interested in getting a good deal (most square meters per dalasi spent), the Fonis are a good place to look for land, specifically Foni Bintang Karanai and Foni Bondali. Given the constraints we faced on this post, we will try to look at this topic again in the near future when we have more data.
|District||Land Value per Room||Rent (Est.) per Room||Rent (Actual) per Room|
|Banjul City |
|Foni Bintang |
|Lower Fuladu West||23,555.99||113.58||211.11|
|Upper Fuladu West||18,620.60||122.71||300.64|