Apartments, homes, and even lavish villas can be found among the Gambia’s wide selection of available choices for real estate.
The Gambia’s real estate market provides excellent prospects for people of all ages and stages of life, whether they are looking to retire, purchase a vacation house, or invest.
House For Rent In Gambia
There is no scarcity of cheap houses for rent in Gambia. The cost of a month’s rent in The Gambia is far lower than it is in the United States and the United Kingdom, particularly in major cities such as New York City, San Francisco, and London.
House of rent in Gambia is determined by the number of bedrooms and square meters of your apartment as well as its location, which might be in the city or outside of the city.
|Square Meter & Location||USD||Pound Sterling|
|One Bedroom Apartment (50sqm-60sqm) In The City||$500-$800||£400-£650|
|One Bedroom Apartment (50sqm-60sqm) Outside The City||$200-$300||£150-£250|
|Two Bedroom Apartment (70sqm to 100sqm) In The City||$1000-$1500||£800-£1250|
|Two Bedroom Apartment (70sqm to 100sqm) Outside The City||$500-$600||£400-£500|
A studio apartment in New York City costs around $3,000. In San Francisco, the average monthly rent for a one-bedroom apartment is around $2,700. In London, the average monthly rent for new leases is £1,989 which is quite expensive as well.
Buying An Apartment In Gambia
There are often restrictions placed on the kind of properties that can be purchased by expats in other countries; however, this is not the case in The Gambia. There are certain limitations, but they are not too severe. Land held privately or by the state is available for purchase by the USA, the UK, and citizens from many other countries. They are free to utilise the property in whatever way they see fit and do not need any kind of authorization or permission to do so.
|4 Bedroom Detached Home In The City||$150,000||£125,000|
|3 Bedroom Detached Home In The City||$100,000||£85,000|
|2 Bedroom Detached Home In The City||$70,000||£58,000|
|4 Bedroom Detached Home Outside The City||$50,000||£40,000|
|3 Bedroom Detached Home Outside The City||$40,000||£33,000|
|2 Bedroom Detached Home Outside The City||$25,000||£20,000|
The Gambian conveyancing procedure resembles the British conveyancing process in many ways. A legally binding agreement is drafted by the parties’ respective attorneys, and a down payment is made to the vendor. In most cases, the completion period lasts for 30 days, and the purchaser receives a deed of transfer upon complete payment of the purchase price.
Taxes and Additional Charges
Similar to the British system, you will be required to pay different taxes and fees. These may include stamp duty, land lease, area council property rates and attorney’s costs. Obtain this information before making a purchase choice. You should also get easily accessible structures insurance.
Taxes on Real Estate and Property
The Gambia levies a 8% annual rental tax on anybody who collects rent from lessees. There are no real estate or property taxes in the nation. Additionally, an inherited property is liable to capital gains taxes. The tax rate on the net profits is 15%, while the tax rate on the selling price of the property is 5%. In contrast, the transferred property has modest costs ranging from $188 to $500.
Can I Use US Dollars in Gambia?
Yes. However, the best money to use while going to The Gambia is British pounds sterling. Sometimes, it could be a hassle to convert other currencies in parts of the cities, therefore carrying pounds is beneficial.
How Much Cash Am I Allowed To Bring Into Gambia?
If you have more than $10,000 in cash or its equivalent, you must declare it at customs before you leave the country for the Gambia.
How much does it take to maintain one’s standard of living in The Gambia?
The cost of living in the Gambia is just $425 per month, which is 2.2 times cheaper than the average cost of living in the globe.
How much do apartments in The Gambia cost for rent?
The cost of living in Banjul, which is around $450 per month on average, places it in the top 8% of the most affordable cities throughout the globe.