Understanding the Costs Involved in Buying or Selling Property in Gambia
When it comes to buying or selling a house or plot of land in Gambia, the sale price is influenced by various factors, including location, size, and quality of the property or land. In addition to the sale price, there are other costs associated with real estate transactions in Gambia, such as property tax, municipal tax, land rates, lawyers’ fees, estate agents’ commission, and foreign currency exchange fees.
Additional Costs When Buying or Selling Land or Property in Gambia
There are annual payments for land rent and local taxes that need to be considered. Land rent is a minimal fee indicated in the lease document when purchasing leasehold land.
Local rates are determined based on the ratable value of the land, assessed by the Tax Office. The ratable value takes into account the land and building value, considering factors like type, location, and use class. The Area Council determines the percentage charged for local rates, which are also minimal.
Taxes Involved in Land or Property Purchase in Gambia
- Alkali Tax
- Municipal Tax
- Income Tax
General Summary of Fee Structure
The total official costs associated with purchasing property in Gambia are approximately 1% of the sale price. Lawyer’s fees typically amount to around 10% of the selling price, depending on the solicitor’s set fees. Estate agents’ fees, which are usually paid by the seller, amount to 10% of the purchase price.
Gambian Buildings Insurance
Building insurance is available and highly recommended. For further details, please contact us.
Utilities Billing in Gambia
Electricity is billed on a monthly basis, with a minimum standing charge based on the property’s electrical capacity. The actual units of electricity consumed are charged on top of the standing charge. Prepaid electricity meters, known as Cash Power, are also available and can be preferred by some individuals.
Mobile and internet access is provided by Africell, Gamcel, and Comium. These services operate through the purchase of SIM cards and top-up credit cards, which are widely available. Pricing and reliability may vary slightly among providers.
Satellite TV services offer a range of packages with varying costs for equipment, installation, setup, and a monthly standing charge.
Other Useful Information
High-caliber maids, gardeners, and security staff are readily available, many with extensive experience gained in luxury Gambian hotels. There are several European, Gambian, and Arabic property maintenance firms with varying costs and quality. We can provide suitable company recommendations, including references if necessary.
At Gambia Property Sales, we aim to provide comprehensive information to help you navigate the costs and fees involved in buying or selling land or property in Gambia. Feel free to reach out to us for further assistance or clarification.