23 Sep 2020

The Chairperson of Land Management Water and Sanitation Services at Botswana Business, Mr Montshwari Mooketsi says the property market has become uncertain and purchase activities have declined due to COVID-19 pandemic.

Briefing the media, Tuesday on challenges encountered by the estates properties management during the COVID-19 pandemic, Mr Mooketsi said the property market had been hit hard by the pandemic. 

He said this was because since the COVID-19 pandemic, some banks were skeptical to loan individuals and companies large sums of money with the fear of failure to service the loan.

He also said some banks continued to charge a larger interest despite unstable economic status for most companies and individuals while others had halted  giving out loans.

Mr Mooketsi said with such a challenge, some estate property managers were forced to sell valuable properties at a giveaway price hence the loss.

He further shared that during the first lock down some property owners were also left counting losses since most tenants both who had leased property for residential and business purpose  defaulted on rent payments and there were no means to cushion property owners.

On other issues Mr Mooketsi noted the need to review their policies particularly those concerned with issues of planning and surveying, saying they should address challenges brought by the current pandemic.

“There is a need to adapt to the culture of practice eBusiness. Instead of queuing in lines, some information can be submitted online,” he said.

On another note, Mr Mooketsi said in efforts to stimulate the economy of the land management water and sanitation sector, rating of properties that was conducted in the last 10 years should be re- introduced and  be spread to rural areas.

He said researchers should be engaged to assess properties to be rated at rural areas and rates be paid based on the current situation of properties.

Meanwhile, Mr Mooketsi said there was a need to review the land allocation policy saying it took long for applicants to be allocated  plots for different purpose and  that it also took long for some to develop plots since in most cases it would be un-serviced land. ends