Property enthusiasts gathered at Gaborone North last week, where leading property investment management consultancy Apex Properties had put 50 residential plots up for sale. At the end of the expo, 90 percent of the plots that were on sale had been sold while the remaining 10 percent are still in the market.
Prices for the plots that were on sale ranged from P320, 540 to P741, 520, depending on size. Each plot was marked at P553.6/sqm and the expected total amount after sales was P19 188. 908.
As one of Botswana’s leading property companies, Apex Properties assured those who had bought the plots that they will be satisfied with their purchases. Isaac Molefinyana, who is responsible for Residential Sales at Apex Properties, said they will make sure that the plots are serviced with sewage systems, internal roads, power and water supplies.
“We will make sure that all these amenities are ready and available for use by the plot owners. We know that Gaborone North is affected by lack of utilities such as water and we have made sure they are made available,” he said.
Molefinyana confirmed that Apex Properties has put aside reserves for the services to be fully implemented.
“Responsible contractors have already been awarded the tender and utilities should be ready for use by June.”
Molefinyana added that purchasing property in Gaborone North is a great investment as the market value of property at the suburb is high because the area is still at a developing stage.
“Schools and malls are yet to be built there. If you buy property in Gaborone North now its value will have escalated by the time the residential area has developed. Those who want to sell will make a lot of profit,” said Molefinyana.
He added that land is still in high demand in urban areas and property value is expected to rise over the years.
“We have students who will soon graduate, start working and become home owners. Property prices are still low and buying property now will be a great investment as prices will be very high in the coming years,” said Molefinyana.
Over the years, prices for plots in Gaborone North have moved from P90/sqm in 2006 to P600/sqm currently.
He also urged those who are looking to invest in property to buy plots instead of complete houses.
“Apart from the fact that you can build a house that suits your needs in that plot, buying a complete house is way too expensive,” he said.
He explained that one can buy a plot for P400, 000 and spend P350, 000 to build a three bed roomed house in it.
“This is cheaper than buying an old house of the same size for P1.2million. Many people think buying a complete house is cheaper but it’s not,” said Molefinyana.
He further said plots in Gaborone North are ‘freehold’ and can be sold even when they are undeveloped.
“In most cases, land or plots can only be sold after they have been developed. But that’s not the case with freehold plots as they can be sold even when undeveloped. The few freehold plots in Botswana are found in areas like Gaborone North, Lions Park, Ruretse and Phakalane,” said Molefinyana.