Why are you buying the property?
Is this for retirement, a holiday home, a holiday home that you want to pay its way or a pure investment. If you are buying a property as an investment, see our Guide to Buying Property as an Investment.Which country and area will suit you best? If this is an investment, where are you likely to make the most money? Which type of property is best for you? Villa, apartment, townhouse. This is not always obvious. How are you going to pay for the property? Are you going to take out a mortgage? If so, where and for how much? What are you doing to guard against the risk of fluctuating exchange rates? How are you going to manage the property? If you want to let the property, who are your target tenants? Who will manage the lettings? How much money will you make? Who should be the legal owner of the property? The right choice here can save you £/€/$THOUSANDS, even on an ordinary holiday home. See below for more information.We will be happy to assist you with all of these issues.
Why Buy in 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.
Utility Bills in the Gambia, and other Useful Information
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.
Other Useful Info
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. 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. .
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.
Other Useful Info
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. 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. .
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