The economy of the country is highly dependent on mining and fish processing, the exports of diamonds, uranium, zinc and fish products have grown significantly for the last 20 years. Other large cities of the country are Rundu (58,172 ppl) and Walvis Bay (52,058 ppl). The biggest cities are not numerous in terms of population, for instance, Windhoek is the largest town and the capital of the country has only 268,132 residents. It has a population of 2,648,785 people, nearly half of Namibians live in the urban area. Namibia is located in the south-western part of Africa. The stamp duty rate is NAD10 (US$0.94) for every NAD1,000 (US$94) exceeding 600,000 (US$50,000).Attractiveness of Namibia for the development of franchise business Stamp duty isgenerally levied at a flat rate of 1.20%, and it is levied on the purchase value or the market value of the property.įor individuals, stamp duty is levied on property value exceeding 600,000 (US$50,000). TRANSFER DUTY ON PROPERTYĬonveyance fees are calculated on an official fixed scale and are levied on the purchase value or the market value of the property.
The transfer duty rates vary, depending on the property classification. Transfer is generally levied at a flat rate of 12% on the value of property.įor individuals, transfer duty is levied at progressive rates. Transfer of property is subject to transfer duty.
HOMES FOR SALE IN NAMIBIA AFRICA REGISTRATION
Property registration is typically completed in about 52 days. If defects arise after the completion of the sale, the seller is not liable for any repairs or replacement of the damage. The buyer has the right to set the sale aside, or abide by it and claim a reduction in the price or damages. In the event of misrepresentation or false statements about the condition and quality of the property, the seller can be held liable by the buyer. In the event of patent defects, the buyer can cancel the contract and/or claim repayment of a portion of the purchasing price. The seller, however, is not liable for patent defects, or defects clearly visible upon inspection. Latent defects are those not easily discernible and not clearly visible, such as leaking roofs, dampness and structural design faults. The Title Deed should be endorsed "nonresident" to allow the foreigner to freely transfer out of the country the proceeds of any future sale of the property.īoth the seller and buyer are expected to produce identification documents and the seller to present the original Title Deed of the property.Īccording to common law, the seller is liable for any latent defects in the property which exist at the completion of the sale, even if the seller has no knowledge of them. The legal fees and Transfer Duty are usually paid one month before the actual transfer. Transfer costs are paid directly to the seller´s conveyancer. The balance is fulfilled on the closing of the transfer, or once the transfer has been registered. Upon signing of the Deed of Sale, the buyer is expected to pay a deposit of 10%, usually held in escrow by the real estate agent. The conveyancer executes a Deed of Transfer for the purchase. The seller is usually represented by a conveyancer (lawyer), and negotiations done with a real estate agent. South African rand (ZAR) is also accepted as legal tender in Namibia, with the exchange rate pegged at NAD1 = ZAR1. Real estate transactions are negotiated and concluded in Namibian dollar (NA$). How difficult is the property purchase process in Namibia?Įxcept for agricultural land, there are no restrictions on nonresident foreigners and legal aliens owning property in Namibia. How high are realtors´ and lawyers´ fees in Namibia? What about other property purchase costs? Transaction Costs
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