Zambia

Zambia is a safe, peaceful, democratic country that has benefited from good macro-economic stability over the last 25 years. It is a land locked country with rugged mountain ranges, grasslands and wildlife. The Victoria Falls and mighty Zambezi river run through here too.

Our partners have their headquarter in Lusaka, with a second office in Kitwe on the Copperbelt, and say that over the last 20 years Zambia has seen broad-based growth based on improvements in productivity and entrepreneurship across multiple sectors, including agriculture, mining, manufacturing, banking and telecommunications. This has been supported by substantial investments in infrastructure, with over 50% of funds coming from South Africa. There is diversification, but copper mining has been the main industry, and tourism.

44% of Zambia’s population live in urban areas. Building costs range between US$60,000 to $100,000 for a three-four bed home that can be sold for between USD$80,000 and $150,000. Monthly rentals for this home type ranging between $800 and $1,000. Visas and Immigration permits are required, with fees & terms. Contact Zambia Government department of immigration. Self- financing or retired people can apply for Zambia Residence permit.

Luxury holiday homes in the capital, Lusaka are the focus of foreign investors with popular projects in mass Media and Roma, with high rental returns. Siavonga, a town along the northern bank of Lake Kariba, is known as the ‘Riviera of Zambia’ and offers a host of options to local and foreign visitors too. It is popular for holiday homes. Main groups of expats are British, Indian and South Africans. There has been increased Chinese investment here too in recent years. English is widely spoken.

There are restrictions on some land ownership in Zambia and processes to follow. All land is leasehold, with absolute ownership vested in the State. We strongly recommend using bona fide real estate agents to help you buy property there if you are a foreigner or non-resident.

The sale process is relatively straightforward in Zambia. It is advisable to have your finances sorted up front and have every stage laid out clearly and agreed by all parties in writing, involving a lawyer and a surveyor. A verbal offer will be followed by a written one. When agreed, a non-refundable deposit may be due to secure the property, with any exceptions or conditions agreed and included in the offer letter, alongside a completion date. Following this, a contract of sale, an assignment and a Caveat form are created.

The Property Transfer Tax rate is 5% of the sales price or the market value of the property, whichever is deemed higher, as assessed by the Zambia Revenue Authority. There are exceptions. Registration fee is around 1% of sale price.

The owner pays ground rent annually and there are annual property rates. The sale or gifting of land in Zambia requires approval of the State. Our affiliate partners in Zambia can help you find your property there, and advise on how to buy as a foreigner or non-resident. Get in touch with us and we can connect you.

Fact … Driving in Zambia is on the left hand side of the road

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