Tuesday, 9 October 2007
Why Gambia?
In the endless search for equity growth and rental yields property investors are searching further and further afield. Dubai, Bulgaria, Croatia and Turkey have all enjoyed their 15 minutes of fame as an overseas property hotspot and the markets there continue to thrive despite the threat of the bubble bursting. Costa de la Luz and Cape Verde are currently enjoying the limelight but a real opportunity lies on the West African coast in the former British colony of The Gambia. The Gambia is a 6 hour flight from London and has blossomed into a world class tourist resort over the last decade with five star hotels, fine dining, fantastic beaches, water sports, sports fishing and many other quality sporting and leisure pursuits. The Gambia is peaceful and stable. Crime rates and the cost of living are among the lowest in the world. Property ownership is part of the Gambian constitution and the conveyancing system is transparent and straightforward when done professionally. The Gambian government is totally committed to free enterprise. Luxury brand new four bedroom villas range from 80,000.00 GBP to 150,000.00 GBP dependant on location and proximity to the beaches. These properties can rent for up to 10,000.00 GBP per annum to United Nations or embassy staff. Building land is readily available and prices start from less than 1.00 GBP per square metre. Construction costs are a fraction of those in Europe and opportunities exist for commercial, residential, and tourist developments.
Wednesday, 3 October 2007
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.
Other Costs Involved in Gambian Property Purchase
As with most conveyancing transactions the purchase price is dependant upon a number of factors predominantly location, size and quality of the property/land being tendered.
There are annual payments for land rent and local taxes to be made. The land rent is a minimal fee and indicated on the lease document where the property is purchased as leasehold land.
Local rates are based on the rateable value of the land assessed by the Tax Office. The rateable value accounts for both the land and building value dependant 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. .
There are annual payments for land rent and local taxes to be made. The land rent is a minimal fee and indicated on the lease document where the property is purchased as leasehold land.
Local rates are based on the rateable value of the land assessed by the Tax Office. The rateable value accounts for both the land and building value dependant 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. .
Thursday, 27 September 2007
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 (the equivalent of BT in the UK). They bill on a montly basis.
Mobile access is provided by Africel and Gamcel with Alcotel on its way. 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.
The internet is provided by both Quantum who offer Broadband and Gamtel who offer a dial-up connection. It should be noted that VOIP is illegal in the Gambia. The internet is also billed monthly.
Satelite TV is available with widely varying packages. Expect to pay equipment, installation and set up fees together with a monthly standing charge.
Telephone access is provided by Gamtel (the equivalent of BT in the UK). They bill on a montly basis.
Mobile access is provided by Africel and Gamcel with Alcotel on its way. 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.
The internet is provided by both Quantum who offer Broadband and Gamtel who offer a dial-up connection. It should be noted that VOIP is illegal in the Gambia. The internet is also billed monthly.
Satelite TV is available with widely varying packages. Expect to pay equipment, installation and set up fees together with a monthly standing charge.
Gambian Buildings Insurance
Building insurance is available and is recommended. Please contact us where necessary for further details.
http://Gambia-Holiday-News.co.uk
http://Gambia-Holiday-News.co.uk
General Summary of Fee Structure
Total official costs involved in purchasing property should be around 1%.
Lawyer's fees - approx.10% of the selling price (dependant upon the solicitor's set fees).
Agents are paid by the seller unless otherwise agreed (approx. up to 10% of the purchase price)
Lawyer's fees - approx.10% of the selling price (dependant upon the solicitor's set fees).
Agents are paid by the seller unless otherwise agreed (approx. up to 10% of the purchase price)
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