Buying property in the Gambia: Property purchase costs,
fees, taxes
General expenses when buying a property in the Gambia will
vary. As a general rule, you should allow between 8% and
10% of the price of the property for transfer expenses and
taxes, depending whether you are buying a resale or new
construction property.
All property transactions in the Gambia are currently cash
sales. Mortgages are not available for properties in the
Gambia.
It is important to be aware buying a property in a foreign
country can be complicated but if you have the knowledge,
contacts and experience it is straightforward. It is our
job to make it all as simple as possible for you
In order to take advantage of the best opportunities and
put an offer in, we suggest you have available around 5%
of the value of property in your chosen price range readily
accessible within 24 hours to avoid disappointment.
As a general rule, the expenses involved to buy a property
in the Gambia are a lot lower than in other European countries
-
A small fee for a visit from the Physical Planning
Department and the production of a scale drawing
-
Up to 10% of the purchase price is paid to the solicitor
for the preparation of the the Leasehold Title documents
to include the Conveyance, Assignment and Leasehold
Certificate.
-
Alkalo's Payment for the Alkalo's stamp, Chief's Payment
for the Chief's Stamp, Chairmain's Payment for the Chairman's
stamp, and Council's payment for Council's stamp and
application. These payments are all very small and tokens
of goodwill.
-
Land Registry Tax - Stamp Duty 5% of the purchase price
is paid by the Purchaser
-
Capital Gains Tax at 15% of the purchase price is paid
by the Seller
Once all the above paperwork has been completed and all
taxes paid by both parties then the Certificate of Occupancy
is obtained and with with it the permission to develop.
The caveat emptor applies to any building works, including
the perimeter fencing, erected before ALL the paperwork
and taxes have been completed. In this instance the Buyer
is liable to forfeit all construction works and monies invested
in any development of the land.
.