BOTSWANA – PROPERTY MARKET GROWS DESPITE THE EFFECT OF THE COVID 19 PANDEMIC
The Botswana property market was predicted to expect a fall, especially properties within the range of P850, 000 to P1.3 Million. Recently, stake-holders affirmed that the Botswana real estate market is as healthy as it can get – despite the effect of the global pandemic, the market remains stable and healthy after surviving two lockdown periods in early and mid-2020.
Hence, it was further revealed that the stability of the market is as a result of the low spending habits of Batswana and the reduced debt ratio from 100% to 75%. This appetite was driven largely by the affordability of properties in Botswana and most Batswana do not like to go through the process of building or developing a property from scratch. Both the residential and commercial real estate market has experienced tremendous growth. The new adjustment by the revised citizen entrepreneurship development agency contributes greatly to the increase the commercial property market is currently experiencing.
Selling property off by investors in prime land has contributed to the growing property market in the country. These sets of investors have the capacity and financial means to develop properties significantly and raising its value greatly. If this growth persists, the property market is likely to fully recover this year or next year.