The residential property market in Botswana has been showing strong resilience and growth. Here are some key points:
- Market Performance: The market has experienced a general upswing in rental rates across the country, with notable increases in Gaborone, especially in the 3 and 4-bedroom segments.
- Sales Prices: In 2023, the average sales prices for residential properties increased by 5%, with Gaborone seeing a 7% rise.
- Economic Factors: Despite global economic pressures, Botswana’s economy has shown growth, although there have been challenges such as inflation and interest rate hikes
- Legislative Changes: The Transfer Duty Act of 2019 and the Tribal Land Act of 2018 have introduced new regulations affecting property transactions.
- Future Projections: The residential real estate market is expected to reach a value of US$23.24 billion in 2024, with a projected annual growth rate of 3.56% from 2024 to 2029.
Overall, Botswana’s property market remains robust, driven by economic stability and a growing middle class.
