# Exit — Sub-Saharan Africa

> Part of [Exit — universal contract](../exit.md). Cross-region patterns + liquidity heatmap live there.

## 🇿🇦 South Africa
- **DOM**: Cape Town (Atlantic Seaboard/CBD/Southern Suburbs) ~60-120 / Johannesburg (Sandton/Rosebank/Houghton) 90-180 / Durban 120-200 / Pretoria 100-150
- **Commission**: **5-7.5% + 15% VAT (PPRA-regulated)** seller-side typical; net 5.75-8.625%
- **Contract**: sole mandate 90 d standard (PPRA-regulated since 2022)
- **MLS**: no MLS; Property24 + Private Property dominate
- **Discount**: 5-10% off asking; 2024-2026 closer to flat in Cape Town
- **Sell-side**: **CGT 40% inclusion rate on gain at marginal income tax** (effective max ~18% for individuals at 45% bracket); R2M primary-residence exemption per individual; **Section 35A 7.5% withholding on non-resident sellers (sale > R2M)** — withheld by buyer's conveyancer, remitted to SARS; commission 5-7.5%+VAT
- **Liquidity**: 🟢 HIGH Cape Town Atlantic Seaboard / City Bowl / Southern Suburbs (semigration magnet 2020-2026); 🟠 MEDIUM Sandton/Rosebank prime; 🔴 LOW Durban/Pretoria suburbs; VERY LOW rural
- **Quirks**: **"Semigration" northward-to-Cape-Town flow 2020-2026** = Cape Town outperforming JHB (top-end Atlantic Seaboard ZAR pricing diverging); **load-shedding** (electricity outages) drives backup-power premiums + accelerates emigration sales; **expropriation-without-compensation legislation (signed 2025)** politically narrow but material to international buyer perception; sectional title vs freehold distinction; rand volatility material to foreign-seller exit math

## 🇳🇬 Nigeria
- **DOM**: Lagos (VI / Ikoyi / Lekki Phase 1 / Banana Island / Oniru) ~150-300 / Lagos Mainland (Yaba / Surulere / Ikeja GRA) 200-365 / Abuja FCT (Maitama / Asokoro / Wuse 2 / Jabi) 150-300 / Port Harcourt / Calabar / Kano 200-500+ / regional 250-700+ [verify with state Lands Bureau / Federal Capital Development Authority]
- **Commission**: **5-10% seller-pays typical** (informal market — broker law nascent + ESVARBON / NIVS regulation evolving) + 7.5% VAT on commission where applicable; agency fees among the highest globally for resi
- **Contract**: bilateral sale agreement → state Lands Bureau registration; **Land Use Act 1978 — all land vested in state Governor** — only Statutory Right of Occupancy (CofO — Certificate of Occupancy) 99-yr leasehold for foreign / non-citizen buyers; Governor's consent required for transfers
- **MLS**: NO MLS; **PropertyPro.ng + Nigeria Property Centre + Lamudi Nigeria + Private Property Nigeria** dominate; agency-network thin beyond major Lagos VI/Ikoyi/Lekki + Abuja Maitama brokers
- **Discount**: 15-25% off asking; **NGN devaluation 2023-24 catastrophic ~70% loss vs USD** post-Tinubu reforms creates wide pricing band — **USD-pricing dominant in Lagos VI/Ikoyi prime** for foreign-buyer segment; Naira-pricing parallel for domestic
- **Sell-side**: **CGT 10% flat on gain** (PPP applies if held primary residence); commission 5-10% + 7.5% VAT; deed registration ~3-7% (state-by-state); **Form A documentation for FX repatriation** via banking channels — without Form A documentation of original USD import, exit proceeds in NGN only (similar EG Form 4 friction)
- **Liquidity**: 🟠 MEDIUM-LOW Lagos VI / Ikoyi / Lekki Phase 1 / Banana Island / Oniru prime (UK/IN/CN/LB diaspora demand); 🔴 LOW Lagos Mainland; 🟠 MEDIUM-LOW Abuja Maitama / Asokoro / Wuse 2 prime; 🔴 LOW Port Harcourt / Calabar / Kano; VERY LOW rural; **security risk requires private security + gated communities** narrows expat buyer pool to specific compounds
- **Quirks**: **Land Use Act 1978 — all land vested in state Governor** — only Statutory Right of Occupancy (CofO 99-yr leasehold) for foreign / non-citizen buyers; Governor's consent required for transfers (delays + corruption-vulnerable); **NO golden-visa via real estate** — STR-1 Investor visa USD 100k business is the longer-term pathway; naturalization 15+yr + Nigerian language + dual NOT allowed for native-born; ~218M pop (Lagos 22M largest African city); **NGN devaluation cycle 2023-24 catastrophic** ~70% loss vs USD post-Tinubu reforms; **Form A documentation for FX repatriation** mandatory; 2024-25 cost-of-living protests + Tinubu reforms ongoing; **security risk requires private security + gated communities** standard Lagos VI/Ikoyi/Lekki + Abuja Maitama/Asokoro; **energy autonomy mandatory** (generators + solar) — power infrastructure unreliable; English official + Pidgin universal + Yoruba/Igbo/Hausa; MTN / Glo / Airtel / 9mobile 5G limited Lagos / Abuja; NHIA + mandatory private health insurance for expats; medivac to ZA/UK/UAE common; coworking Workstation / Capital Square / Workbench / Regus VI/Ikoyi; CofO-vs-Governor's-Consent-vs-State-Land-Allocation distinction critical for title due-diligence

## 🇲🇺 Mauritius
- **DOM**: Tamarin / Black River / Rivière Noire west-coast scheme villas (IRS / RES / PDS) ~120-300 / Grand Baie / Pereybere north-coast 90-180 / Belle Mare / Trou-d'Eau-Douce east-coast 120-240 / Flic en Flac west 120-240 / Curepipe / Floréal / Vacoas highland (Plaines Wilhems) 60-120 / Port Louis / Beau Bassin secondary 120-240 [verify with EDB scheme registrar / Registrar General LAVIMS]
- **Commission**: **3-5% seller-pays typical** (Real Estate Agents — Mauritius / IPDA professional regulation evolving) + 15% VAT on commission; some agents structure 2-3% buyer + 2-3% seller
- **Contract**: bilateral promesse synallagmatique de vente (Art. 1589 Code Civil — French civil-law tradition) → notaire authentic deed → registration at Registrar General's Department + LAVIMS update; foreigners EDB-scheme-only OR G+2 ≥ MUR 6M acquisition
- **MLS**: NO formal MLS; **MyProperty.mu / Lexpressproperty / Lecho.mu / Pam Golding Mauritius / Knight Frank Mauritius / 5àSec Maurice / Park Lane Properties** dominate; EDB maintains scheme-development registry
- **Discount**: 5-10% off asking typical; the **Finance Act 2025 5%→10% transaction-tax hike for non-citizens was repealed by Finance Act 2026** (Act 14/2026, gazetted 13 Aug 2026), so it no longer creates signing-date leverage; a new 10% seller-paid duty applies only to State-land / Pas Géométriques residential transfers to non-citizens; scheme villas more sticky than open-market G+2 apartments
- **Sell-side**: **NO CGT, NO inheritance, NO wealth tax** (UNIQUE selling point); rental income on holding subject to 0/10/20% PIT (Finance Act 2025 brackets); commission 3-5% + 15% VAT; notaire ~1% + Registrar General fees ~0.5-1%; **Pas Géométriques 81m coastal reserve non-purchasable** (state land — only leasable); EDB scheme management-company exit-approval requirements typical
- **Liquidity**: 🟢 HIGH Tamarin / Black River / Grand Baie / Belle Mare scheme villas (FR/UK/CH/EU retiree + relocation demand); 🟠 MEDIUM Flic en Flac / Pereybere / Trou-d'Eau-Douce; 🟠 MEDIUM Curepipe / Floréal highland (domestic + retirees seeking cooler climate); 🔴 LOW Port Louis / Beau Bassin / rural; cyclone-season stock turnover thin Dec-Apr
- **Quirks**: **EDB-scheme-only foreign acquisition** (Non-Citizens Property Restriction Act 1975) — IRS / RES / PDS / SCS / IHS / Smart City schemes OR G+2 apartment ≥ MUR 6M — open-market freehold BANNED for non-citizens otherwise; **Finance Act 2025 5%→10% non-citizen registration duty + LTT REPEALED by Finance Act 2026** (Act 14/2026, gazetted 13 Aug 2026 — 5% applies); Retirement Permit threshold raised USD 1,500/mo → USD 2,000/mo (Finance Act 2025); LAVIMS digital cadastre (PIN per parcel, 2-hour SLA at RGD); MUR managed-float against undisclosed basket — depreciated ~30→46/USD 2020-2025; cyclone Class I-IV warning system (Météo Maurice); WMA sewerage covers only ~30% — septic + soak-away dominant; ~1.24M pop / 5-digit postcodes / English official + French + Mauritian Creole; hybrid French civil + English common law

## 🇨🇻 Cape Verde
- **DOM**: Sal (Santa Maria / Espargos) ~120-300 (highly seasonal — winter Nov-Apr peak) / Boa Vista (Sal Rei / Praia da Chave) 150-365+ / Praia (Plateau / Achada Santo António / Palmarejo) 120-240 / Mindelo (São Vicente) historic 150-300 / interior Santiago + Barlavento highlands 250-500+ [verify with Direção Nacional do Cadastro / Conservatória do Registo Predial]
- **Commission**: **3-6% seller-pays typical** (Lusophone civil-law tradition; immobilier regulation evolving) + 15% IVA on commission
- **Contract**: bilateral promessa de compra e venda → escritura pública (public deed) before notário → Conservatória do Registo Predial registration → IPI/ITI declaration via Casa do Cidadão one-stop shop; foreign-buyer regime BROADLY PERMISSIVE (no nationality bar for urban + tourism property)
- **MLS**: NO formal MLS; **CVNetwork.cv / Imobiliaria.cv / SmartProperties Cabo Verde / EngelVölkers Cabo Verde / Knight Frank Sal-Boa Vista** dominate Sal/Boa Vista tourism corridor; cadastre coverage strongest in Sal/Boa Vista/Praia, weakest in interior Santiago + Barlavento highlands
- **Discount**: 5-15% off asking typical; **Leis 54/X/2025 (ITI) + 55/X/2025 (IPI) IUP→IPI/ITI reform eff. 1 Jan 2026** creates short-term price-discovery distortion 2026 H1; tourism-zone (Sal / Boa Vista) more liquid than interior; ZDTI (Zonas de Desenvolvimento Turístico Integral) developments stickier
- **Sell-side**: **CGT included in IRPS 5-30% (residency-dependent)** — primary residence reinvestment exemption applies; **IRPC corporate-income-tax rate 20% from 1 Jan 2026** (Lei n.º 69/X/2025 Art. 29.º, OE 2026); commission 3-6% + 15% IVA; notário ~0.5-1% + Conservatória ~0.5-1%; tourism-zone first-sale developer typically VAT 15%/0% with CONFOTUR-equivalent incentives
- **Liquidity**: 🟢 HIGH Sal Santa Maria / Boa Vista Sal Rei tourism-zone (UK/IT/FR/PT/DE retiree + holiday-let demand); 🟠 MEDIUM Praia Plateau / Achada Santo António prime; 🟠 MEDIUM Mindelo historic; 🔴 LOW interior Santiago + Barlavento highlands; VERY LOW rural unregistered; **diaspora-heir trap** ("herança partilhada" undivided shares — common cadastre weakness)
- **Quirks**: **Leis 55/X/2025 (IPI) + 54/X/2025 (ITI) of 6 June 2025 — IUP REPEALED, replaced by IPI (0.1% annual) + ITI (1% transfer)** effective 1 Jan 2026; **CVE pegged EUR 1:110.265 since 1999** (Acordo de Cooperação Cambial with Portugal — IMF Article IV/ECF 2025-26 reaffirmed peg credibility); **NO FX risk for EUR-priced**; 2017 RBI "Permanent Residence for Foreign Investors" (~EUR 80-120k); UNESCO Cidade Velha (Santiago) — IPC restoration permits required; ~525k pop / 4-digit postcodes / Portuguese official + Crioulo lingua franca; 22 concelhos + 31 freguesias; **diaspora-heir trap** — verify all heirs' consent in cadastre-weak interior; cyclonic-distant (Atlantic, but Hurricane Fred Aug 2015 + Lorenzo Sep 2019 marginal exposure)

## 🇸🇨 Seychelles
- **DOM**: Mahé (Eden Island / Anse Royale / Beau Vallon / Glacis / Anse Etoile) ~150-365+ / Praslin (Côte d'Or / Anse Volbert / Baie Sainte Anne) 180-365+ / La Digue (small market — UNESCO buffer constraints) 200-500+ / outer-island private concession N/A (long-term lease only — Aldabra / Desroches / Astove typically tourism-operator-controlled) [verify with Seychelles Registration Office Land Registration Act Cap 107]
- **Commission**: **5-7% seller-pays typical** (small-market thin; HNW villa sector ~3-5%) + 15% VAT on commission; Eden Island concession route lower-friction
- **Contract**: bilateral Sale Agreement → notary attestation + Sanction Permit application (where non-Seychellois buyer) → registration at Seychelles Registration Office (Old Register deeds-of-title OR New Register Torrens-style — Praslin/La Digue conversion launched June 2024); **SPA moratorium LIFTED 20 March 2025**
- **MLS**: NO formal MLS; **Seychelles Real Estate Network / Property Seychelles / Andersons Mahé / Eden Island Resales / Knight Frank Indian Ocean** dominate; small-market thin pool of brokers
- **Discount**: 8-15% off asking typical; **Sanction Duty raised 11→12% effective 2025-03-20** + **IPT doubled 0.25→0.5% (foreigner-only) effective 1 Jan 2024** create higher exit-friction for foreign sellers — pricing has adjusted upward (offset) 2024-26; Eden Island condominium concession route (~7-9% all-in vs ~18-19% standard sanction) materially cheaper exit
- **Sell-side**: **NO individual CGT** (UNIQUE — selling point reinforced); 5% Stamp Duty + 12% Sanction Duty (foreigner-only on resale to non-Seychellois) + 15% VAT first-sale developer; commission 5-7% + 15% VAT; legal ~1-2%; **Eden Island concession route ~7-9% all-in vs ~18-19% standard sanction** (10pp cheaper)
- **Liquidity**: 🟢 HIGH Mahé Eden Island concession (HNW UK/IT/FR/CH/UAE/RU/IN demand — luxury-second-home apex); 🟠 MEDIUM Mahé Anse Royale / Beau Vallon / Glacis residential; 🟠 MEDIUM Praslin Côte d'Or / Anse Volbert; 🔴 LOW La Digue (small market + UNESCO buffer); VERY LOW outer islands (lease-only); **4-6 mm/yr SLR (2-3× global)** — Mahé east coast + La Digue + Praslin beachfronts highest exposure
- **Quirks**: **SPA (Sanction Permit Act) moratorium LIFTED 20 March 2025** for non-Seychellois — residential acquisition permitted under SCR 10M (~USD 670k) dwelling floor + SCR 4,000/m² bare-land minimum; **IPT 0.25→0.5% (foreigner-only) eff. 1 Jan 2024**; SCR managed-float since Nov 2008 (de-pegged amid 2008 sovereign-debt crisis); USD + EUR informally accepted in tourism segment; **Property purchase does NOT confer residency** in Seychelles (UNIQUE distinction vs PT/GR Golden Visa); Standard Residence Permit SCR 150,000 main applicant (5-yr); GOP framework SCR 1,000 + SCR 700/mo; PUC tariffs eff. 15 Jan 2026; Felleng 2013 + Fantala 2016 + Hidaya 2024 cyclone calibration; ~100k pop / 90% on Mahé / English working-language / Seselwa Creole + French co-official; mixed civil-law (Code Napoléon Cap 33) + common-law conveyancing

## 🇰🇪 Kenya
- **DOM**: Nairobi (Karen / Lavington / Westlands / Runda / Muthaiga / Kitisuru / Kileleshwa) ~120-250 / Nairobi secondary (Kilimani / Hurlingham / Lang'ata / Loresho) 150-300 / Mombasa (Nyali / Bamburi / Diani south coast) seasonal 150-365 / Naivasha / Nakuru / Kisumu (SGR corridor) 150-300 / regional 200-500+ [verify with Land Registration Authority — LRA / Ministry of Lands]
- **Commission**: **2-5% seller-pays typical** (Estate Agents Registration Board — EARB regulated since 1984; informal in practice beyond Nairobi/Mombasa major brokers) + 16% VAT on commission; some seller-only at 3-5%
- **Contract**: bilateral sale agreement → Land Registration Authority (LRA) registration via state Land Registry; **agricultural land restricted to citizens per Constitution Art. 65**; foreigners limited to 99-yr leasehold cap on freehold-equivalents (Constitution Art. 65 Sub-Article 1(b))
- **MLS**: NO MLS; **Property24 Kenya + BuyRentKenya + Hauzisha + Lamudi Kenya** dominate; **NLIMS (National Land Information Management System)** ArcGIS-based portal launched 2023 — searchable parcel data emerging; M-PESA mobile-money universal in admin (unique to KE)
- **Discount**: 5-15% off asking; SGR corridor / Naivasha / Nakuru / Kisumu post-2023 SGR-completion variance; 2024-2025 macro-tightening + post-election cycle digestion
- **Sell-side**: **CGT 15% flat on gain** (post-2023 reform — increased from 5% — verify KRA); Stamp Duty 2-4% buyer-side + LRA registration ~1% + agent 2-5% + 16% VAT; **non-resident sellers face KRA withholding** (verify s.45 ITA — bank-channel documentation required for FX repatriation)
- **Liquidity**: 🟢 MEDIUM-HIGH Nairobi Karen / Lavington / Westlands / Runda / Muthaiga / Kitisuru prime (large UK/US/IT/DE/IN/diaspora demand); 🟠 MEDIUM Nairobi secondary Kilimani / Hurlingham; 🟠 MEDIUM Diani south coast (UK/IT/DE retiree); 🔴 LOW Mombasa city / Nakuru / Kisumu / Naivasha SGR-corridor; VERY LOW rural agricultural (foreign-buyer barred); **Karen British-cultural roots + Aga Khan University Hospital flagship** anchor expat liquidity
- **Quirks**: **NO golden-visa via real estate (UNIQUE absence in EAC)**; **agricultural land restricted to citizens per Constitution Art. 65**; 99-yr leasehold cap on non-citizen freehold-equivalents; **Class A1 Investor USD 100k business / Class K Resident KES 200k+/yr passive / PR 7yr / Citizenship 7yr + Swahili (dual allowed since 2010)**; ~55M pop (Nairobi Metro 5M, Mombasa 1.4M); SGR Mombasa-Nairobi-Naivasha-Kisumu drives corridor RE; **Safaricom 5G + Airtel + Telkom + M-PESA universal in admin (unique to KE)**; coworking Nairobi Westlands/Karen/Kilimani — iHub / Nailab / Workstyle / The Mint Hub (one of Africa's strongest startup ecosystems); NHIF + Social Health Insurance Fund (SHIF — phased 2024-25 reform); private flagship Aga Khan University Hospital Nairobi + Karen Hospital + Nairobi Hospital + MP Shah Hospital; medivac to ZA/UK for complex; English + Kiswahili co-official; KES BCK-managed float (relatively stable; M-PESA reduces some FX friction); SHIF reform 2024-25 + 2024 Finance Bill protests + Generation Z political-economy material; **Gilgil-Naivasha-Nakuru-Kisumu SGR Phase 2A delays** affect corridor RE

## 🇬🇭 Ghana

- **DOM**: Greater Accra prime (Cantonments / Airport Residential / East Legon / Labone / Ridge / Roman Ridge / Osu) ~120-300 / Greater Accra secondary (Spintex / Tema-Community / North Legon / Adenta / Tantra Hill) 180-365 / Kumasi prime (Ahodwo / Daban / Adum) 180-365 / Sekondi-Takoradi (Western Region) 180-365 / Cape Coast (Central Region) 200-365+ / regional 250-500+ [verify with Lands Commission + Land Registration Division]
- **Commission**: **5-10% seller-pays typical** (very informal market — Ghana Real Estate Developers Association GREDA + Ghana Real Estate Brokers Association nascent); 15% VAT on commission services where applicable; **double-allocation fraud** by stool/skin chiefs is the dominant fraud vector — verify chain via Lands Commission before any Sale Agreement
- **Contract**: bilateral Sale Agreement → conveyance via Ghanaian-licensed lawyer → registration at **Lands Commission** under **Lands Act 2020 (Act 1036)** (consolidated 6 prior land statutes); **Title Registration vs Deed Registration** parallel systems during transition (Title supersedes Deed when district migrates — Accra/Kumasi most advanced); customary tenure (stool / skin / family / clan land) overlays ~78% of total land area
- **MLS**: NO formal MLS; **Meqasa.com + Tonaton.com.gh + Ghana Property Centre + Lamudi Ghana / OLX Ghana + Reliable Realty + Brokers Africa** dominate; foreign-targeted: Ghana Real Estate Brokers Association affiliates
- **Discount**: 10-25% off asking 2024-2026 (post-2022 GHS depreciation cycle + IMF ECF programme (concluded 27 Jul 2026) + customary-tenure title-risk discount); Cantonments / Airport / East Legon prime sticky on the upside; secondary corridors deeper discount tolerance; **double-allocation discount** material when title chain unclear
- **Sell-side**: **CGT 15% on gain** (Income Tax Act 2015 Act 896 as amended); commission 5-10% + 15% VAT on commercial commission; legal/conveyance ~3-5%; **Stamp Duty progressive 0.25-1.0%** + **registration fee 0.5%**; **non-resident sellers face GRA scrutiny** + Bank of Ghana FX-control rules for repatriation; **Property Rate** (annual MMDA-level municipal tax) varies 0.5-2.5% on rateable value — verify at Ghana.gov property rate digitization
- **Liquidity**: 🟢 MEDIUM-HIGH Greater Accra Cantonments / Airport / East Legon / Labone / Ridge / Roman Ridge / Osu (UK/US/CA/NL/DE/IN/diaspora + corporate-expat demand); 🟠 MEDIUM Kumasi Ahodwo / Daban prime; 🟠 MEDIUM Sekondi-Takoradi + Cape Coast (oil-revenue-correlated cycle); 🔴 LOW Greater Accra secondary; VERY LOW regional + customary-tenure-only parcels; **GHS managed-float volatility** (IMF ECF concluded 27 Jul 2026 at the sixth and final review; successor 36-month Policy Coordination Instrument is non-financing)
- **Quirks**: **Constitutional 50-year leasehold cap (Art. 266)** — non-Ghanaians restricted to leasehold MAX 50 yrs renewable for residential/commercial; freehold reserved Ghanaian citizens (Akwaaba / Right of Abode + Pan-African Identity Card framework for diaspora pathways); **Customary tenure (stool / skin / family / clan land) overlays ~78% of total land area** per Lands Commission classification — single largest due-diligence trap; **Lands Act 2020 (Act 1036)** consolidated 6 prior statutes; **VAT 12.5% → 15% via Act 1082 (2022)**; E-Levy 1% on electronic transactions (Act 1075/2022 reduced from 1.5% via Act 1089/2023); **IMF Extended Credit Facility approved 17 May 2023, USD 3 bn** (concluded 27 Jul 2026 at the sixth and final review; successor 36-month Policy Coordination Instrument is non-financing); **GHS managed-float sharp depreciation 2022** (~GHS 6 → 14/USD peak Nov 2022); some recovery + renewed pressure 2023-25; ~GHS 12-16/USD range 2025-26; USD informal pricing common in prime Accra (Cantonments / Airport / East Legon / Labone / Ridge / Roman Ridge); **Year of Return 2019 + Beyond the Return 2020-onwards** diaspora-engagement framework continuing; ~33.5M pop (GSS 2024 est); 16 Regions (post-2018 creation of 6 new regions) → 261 MMDAs; English official sole + Twi/Ga/Ewe/Dagbani/Hausa major regional; common-law (English heritage) + customary-law overlay; GhanaPostGPS digital-address system 2017

## 🇷🇼 Rwanda

- **DOM**: Kigali prime (Nyarutarama / Kacyiru / Kibagabaga / Kimihurura / Kiyovu) ~90-180 / Kigali secondary (Niboye / Kanombe / Gahanga / Kimisagara / Remera) 150-300 / Musanze (Volcanoes National Park gateway) 180-365 / Rubavu / Gisenyi (Lake Kivu, DRC border) 180-365 / Huye / Butare (university town) 200-365+ / regional 300-500+ [verify with RLMUA — Rwanda Land Management and Use Authority + LAIS digital cadastre]
- **Commission**: **3-5% seller-pays typical** (RDB-affiliated brokerage market emerging); 18% VAT on commission services where applicable
- **Contract**: bilateral Sale Agreement → conveyance via Rwandan-licensed advocate → registration at **RLMUA** (formerly RLMA, rebranded 2021) under **Law N° 27/2021 of 10/06/2021** (Land Law); **Land Tenure Regularization 2009-2013** issued **8.8M titles ~93% gender-equal** — Rwanda one of very few African countries with near-universal parcel-level digital cadastre via **LAIS (ESRI ArcGIS-based, version 4.0)**; **e-titles paperless from 2024**
- **MLS**: NO formal MLS; **Lamudi Rwanda + RealtorRwanda.com + Property24 Rwanda (limited) + brokers' WhatsApp networks** dominate; foreign-targeted: emerging boutique brokerage post-Kigali Master Plan 2050
- **Discount**: 5-15% off asking 2024-2026 (KMP 2050 zoning enforcement + 2024 Property Tax Reform digestion + RWF managed-float); Kigali Nyarutarama / Kacyiru prime sticky on the upside (chronic prime undersupply + KMP 2050 height limits); secondary corridors deeper discount tolerance
- **Sell-side**: **no CGT on immovable property** — CGT **10 %** applies to shares / licences / debt instruments / options / guarantees (Art. 36 of Law N° 027/2022 as amended by Law N° 014/2025, in force 29/05/2025); commercial-property gains are business profit (CIT 28 % or PIT to 30 %); commission 3-5%; legal/conveyance ~2-3%; LAIS registration fee modest; **Sale levy 2% registered taxpayer / 2.5% unregistered** (RRA); **non-resident sellers** taxed on the same basis as residents (sale levy; business-profit tax on commercial gains)
- **Liquidity**: 🟢 MEDIUM-HIGH Kigali Nyarutarama / Kacyiru / Kibagabaga / Kimihurura / Kiyovu prime (DE/UK/US/CA/NL/diaspora + corporate-expat + EAC-investor demand 2020-2026 strong); 🟠 MEDIUM Kigali secondary Niboye / Kanombe / Gahanga; 🟠 MEDIUM Musanze (Volcanoes National Park gateway gorilla-tourism premium); 🔴 LOW Rubavu/Gisenyi + Huye/Butare; VERY LOW regional + agricultural; **clean primary-source data** + near-universal digital cadastre = lowest title-risk in Sub-Saharan Africa
- **Quirks**: **Foreign-restricted to leasehold** — foreigners get leasehold only; freehold reserved Rwandan citizens (subject to international convention reciprocity); **Law N° 27/2021** extended **emphyteutic / leasehold term to 99 years** for both residential + investment use (was 49 yrs investment / 20 yrs residential); **Land Tenure Regularization 2009-2013 issued 8.8M titles ~93% gender-equal** (Rwanda one of very few African countries with near-universal parcel-level digital cadastre via LAIS); **Property Tax Reform — Law N° 048/2023 of 05/09/2023** (in force 14 Sept 2023; first tax period calendar 2024): Land Tax compressed FRW 0-300/m² → FRW 0-80/m² band; Building Tax 0.5% residential / 0.3% commercial / 0.1% industrial of market value; Sale levy 2% registered / 2.5% unregistered; **Investor visa Law N° 006/2021 Art. 14** USD 250,000 registered-investor permit (USD 100k for EAC + COMESA); clarify **"USD 500k luxury property" route is secondary-aggregator only — flag for primary-source verification with RDB**; **Kigali Master Plan 2050 (KMP 2050)** strict zoning enforcement (reduced commercial zones from 9 → 3, residential 7 → 5; introduced overlay districts encouraging mixed-use along future BRT corridors); **Electronic Land Title rollout 2024** all titles paperless via LAIS; ~13.25M pop / Kigali 1.745M (2022) / projected ~2.6M by 2032; **NO national postal code system** — addresses by Cell/Sector/District/Province + landmark; 5 provinces → 30 districts → 416 sectors → 2,148 cells → 14,837 villages; Kinyarwanda universal + English primary admin/commercial since 2008 switch + French residual + Swahili added 2017 (4th official); civil law (Belgian/French-derived) + common-law commercial overlay; **EAC + COMESA + CEPGL** member with reduced thresholds for regional citizens

## 🇳🇦 Namibia
- **DOM**: ⚠️ **no public DOM series exists** (`data not publicly available`) — the **FNB Namibia House Price Index** publishes average house values (national avg **N$1,263,673**, Q2 2024 — regulated private-bank index, cite as FNB), NOT a days-on-market or sale-price register; per local practice — verify against ≥3 active listings on the same town + suburb (Windhoek Central ≈ 2× Southern by 12-mo moving avg)
- **Commission**: **estate-agent commission `data not publicly itemised` — verify per agency** (seller-paid by custom in comparable Roman-Dutch markets like ZA — confirm in the deed of sale; no national statutory tariff pulled)
- **Contract**: bilateral deed of sale → transfer lodged at the **Directorate of Deeds Registry** by a **conveyancer** (admitted legal practitioner) under the **Deeds Registries Act 47 of 1937** (the 2015 Act was set aside by the High Court in 2021 — NOT operative); **foreign URBAN/RESIDENTIAL freehold is permitted** (Constitution Art. 16(1); no enacted prohibition as of 2026-06-13), but **agricultural (commercial) farmland needs prior Ministerial consent** (s.58(1)(a) ACLRA 6/1995) + a State preferent right — watch the not-yet-enacted **consolidating Land Bill** (re-tabled Oct 2025) that WOULD bar foreign land acquisition
- **MLS**: NO MLS; **MyProperty Namibia + Property.com.na + Property24 Namibia + Househunter** dominate (+ Pam Golding / RE/MAX / Seeff agency sites); **no official government per-m² benchmark exists** — FNB HPI is the regulated price reference
- **Discount**: `data not publicly available` — no published asking-to-sale gap series; FNB Q2 2024 12-mo growth **1.7%** (vs 6.2% Q2 2023), Coastal/Northern/Southern QoQ negative; per local practice — verify ≥3 live listings same suburb
- **Sell-side**: **NO CGT on ordinary assets** (incl. residential property held as a capital asset — PwC verbatim: "capital gains are not taxed in Namibia"); **exception**: gains on **mining/petroleum licences/rights** ARE taxed, and property-trading profits can be taxed as ordinary **INCOME** (capital-vs-revenue test); **NO inheritance/estate/gift tax, NO net-wealth tax**; transfer duty + stamp duty are **BUYER-side** (natural persons 0% to N$1.1m sliding to top **11%**; entities flat **12%**; stamp NAD 12 per NAD 1,000, eff. 1 Oct 2024); conveyancing/Deeds-lodgement fees `data not publicly itemised — verify per conveyancer`
- **Liquidity**: 🟠 MEDIUM-LOW Windhoek Central prime (steadiest demand — government/mining/NGO/diplomatic) + Coastal Swakopmund/Walvis Bay (domestic + South African holiday demand, Dec-Jan summer peak); 🔴 LOW Northern + Southern towns; VERY LOW rural/agricultural (foreign-acquisition gated); thin small-market price-discovery (~2.5M-pop-class economy; no gov HPI)
- **Quirks**: **NAD pegged 1:1 to ZAR** as a **Common Monetary Area (CMA)** member — **both NAD and ZAR are legal tender at par**; a **South African (ZAR) buyer/seller faces essentially zero FX friction** (intra-CMA, no exchange control), but **repatriation OUTSIDE the CMA (USD/EUR/GBP) is exchange-controlled via Authorised Dealers** — the exact non-resident property-sale repatriation procedure/forms are NOT publicly itemised (`verify at Bank of Namibia Exchange Control Division before purchase`); devaluation risk = ZAR risk (NAD inherits the rand's float vs hard currencies); **NO golden-visa / CBI via real estate** (only a 5-yr-renewable Residence-by-Investment route, advisory thresholds); **Roman-Dutch deeds system** (erf + Surveyor-General diagram + title deed; sectional title under Act 2/2009); final court = **Supreme Court of Namibia** (no Privy Council); buying the **SPV that owns a Namibian residential property now itself triggers transfer duty** (2024 reform)

## 🇧🇼 Botswana
- **DOM**: ⚠️ **no public DOM or primary house-price index exists** (`data not publicly available` — Statistics Botswana publishes CPI/construction stats, not a residential HPI); the **Deeds Registry** is the sole authoritative record of a registered sale (per-search, via conveyancer); per local practice — verify against ≥3 active listings same suburb (illustrative single Gaborone listing: new 3-bed townhouse 188 m² at P3,990,000 ≈ BWP 21,200/m² — per listing, NOT a market average)
- **Commission**: **`data not publicly itemised` — verify per agency** (Property24 Botswana dominant listing channel; no statutory agent tariff pulled this pass)
- **Contract**: bilateral sale → title registered at the **Registrar of Deeds / Deeds Registry** under the **Deeds Registry Act**; the binding constraint is **tenure type** — non-citizens can realistically hold only **freehold** (scarce; Gaborone/Lobatse/Francistown + Tuli Block) or **state-land leasehold (~50-yr Fixed Period State Grant)**; **tribal land (the largest category, Land-Board-administered) is NOT a foreign-buyer freehold route**; **agricultural freehold** (incl. Tuli Block farms) needs **Ministry of Agriculture consent under the Land Control Act, 1975**
- **MLS**: NO MLS; **Property24 Botswana** dominant + GlobalPropertyGuide/Numbeo (secondary/community — indicative only); **no government parcel-level HPI** (`data not publicly available — verify at Statistics Botswana / Bank of Botswana`)
- **Discount**: `data not publicly available` — no published asking-to-sale gap series; macro backdrop is a diamond-led downturn (World Bank MPO: est. ~0.9% GDP contraction 2025) — relevant to demand-side softness; per local practice — verify ≥3 live listings same suburb
- **Sell-side**: **NO separate flat CGT rate** — gains on Botswana-source immovable property are **included in taxable income** and taxed at ordinary rates (corporate **22%**; individuals on PIT brackets), with an **inflation-indexed cost base** (CPI uplift); transfer duty is **BUYER-side** (citizen 5% above BWP 1.5m; **non-citizen 10% on first BWP 2m + 15% on excess** — the old flat **30% is STALE**); where the seller is a VAT vendor, **VAT 14% WAIVES transfer duty** (mutually exclusive)
- **Liquidity**: 🔴 LOW Gaborone freehold prime (scarce freehold stock + small ~2.5M-pop market + diamond-cycle macro headwind); VERY LOW Francistown/Lobatse + rural; the foreign-buyer pool is structurally narrow (freehold-only + tribal-land closure)
- **Quirks**: **Exchange controls were ABOLISHED 9 February 1999** → **profits, rents, dividends, and full disinvestment proceeds are FREELY REPATRIABLE** (Bank of Botswana Milestones; US State Dept ICS corroborates) — the single biggest structural positive for a foreign owner's income + exit (route funds through a commercial bank); **BWP (Pula) is a crawling-band peg** to a **50% ZAR / 50% SDR** basket (NOT a hard peg, NOT a free float) — downward crawl raised 1.51%→**2.76%** + trading margins widened ±0.5%→**±7.5%** effective 11 July 2025, so model BWP depreciation over a holding period; **NO operational CBI** as of June 2026 (enabling Citizenship (Amendment) Act 2025, Act No. 30 of 2025, passed Parliament 17 Dec 2025 and assented; programme announced, threshold not yet set); **Roman-Dutch common law**; final court = **Court of Appeal of Botswana** (no Privy Council since the Court of Appeal Act 1973); top hazard = water-scarcity/drought (HIGH) + live BPC load-shedding risk