What Are The Costs To Buy Or Sell A Property In Gambia
As with most property transactions the sale price of a house or plot of land in Gambia is dependent upon a number of factors including location, size and quality of the property or land for sale.
There are additional costs when buying or selling real estate in Gambia such as. property tax, municipal tax, land rates, lawyers fees, estate agents commission and foreign currency exchange fees
There are also annual payments for land rent and local taxes have to be paid. The land rent is a minimal fee and indicated on the lease document where the property is purchased as leasehold land.
Other Costs When Buying Land Or Property In Gambia
Local rates are based on the ratable value of the land assessed by the Tax Office. The ratable value accounts for both the land and building value dependent upon type, location and use class. When this value is decided the Area Council determines the percentage to be charged for local rates. These rates are also minimal.
Gambian Taxes Involved in Land or Property Purchase
- Alkali Tax
- Municipal Tax
- Income Tax
General Summary of Fee Structure
- Total official costs involved in purchasing property are around 1%.
- Lawyer’s fees – approx.10% of the selling price (dependant upon the solicitor’s set fees).
- Estate agents fees are 10% of the purchase price are usually paid by the seller
Gambian Buildings Insurance
Building insurance is available and is recommended. Please contact us where necessary for further details.
Utilities Billing in Gambia
Electricity is billed on a monthly basis with a minimum standing charge regardless of occupancy based on the electrical capacity of the property. Actual units of electricity used are paid on top of this standing charge. There are prepaid electricity meters available – Cash Power – where preferred.
Telephone access is provided by Gamtel. They bill on a montly basis.
Mobile and internet access is provided by Africel and Gamcel, Comiun . These only operate through the purchase of sim cards and top-up credit cards which are widely available. There is little to choose between these providers on pricing or reliability.
Satelite TV is available with widely varying packages. Expect to pay equipment, installation and set up fees together with a monthly standing charge.
Other Useful Information
High calibre maids, gardeners and security staff are readily available, many with extensive experience gained in the luxury Gamban hotels. There are many European, Gambian and Arabic property maintenance firms with cost and quality varying considerably. We can provide suitable companies including references where necessary.