An expert engaged by Sunday Standard has argued that it does not make sense for a house in Serowe to cost more than a similar house in Phakalane. He said when pricing the house for rental there must be a hierarchy and when there is no hierarchy it means the market is distorted. Last week this publication revealed that a certain house rented by Botswana International University of Science and Technology Vice Chancellor Professor Hilary Inyang in Serowe that belongs to Botswana Ambassador to the UK Tebelelo Seretse cost the taxpayers’ money amounting to P 31 000 per month.
In their response to the Sunday Standard article BIUST argued on how important the vice chancellor was to the university and promoting its academic profile. The Sunday Standard has learnt that on Friday morning the team from the University travelled to Phakalane trying to locate the house that can match the Tebelelo Seretse house in Serowe. It is alleged that the university is trying to compare the prices something that experts feel should have been done before deciding to rent a house for the amount.
Speaking to Sunday Standard Real Estate Institute of Botswana president Modiredi Maruping said when a property owner or land lord prices a house for rent they have to compare two or more similar houses and the pricing must be at the same range. “It is important to look for a similar house and enquire how much that similar house costs because your pricing will be determined by the already priced house in that area,” he said. Maruping said location is primary to property pricing. “There are three important aspects to consider when pricing, these are location; location; location.
The most important thing is where the property is situated. A property situated next to developments is more expensive than a property situated in the outskirts where there are less developments. It does not make any sense for a house in Serowe to be more expensive than a similar house in Gaborone, Phakalane because when that happens the whole hierarchy of the market get distorted. As we all know, Serowe is not attractive to people as compared to Phakalane or the greater Gaborone,” he said He added that sometimes the price is determined by the location that people prefer to stay obvious influenced by the services in that particular area. “
The condition of the property and its style also matters,” he added. Will the Directorate on Corruption and Economic Crime (DCEC) investigate Seretse’s rental price? Speaking toSunday Standard DCEC spokesperson Lentswe Motshoganetsi said media is the source of their leads. “If there is an allegation on a certain matter the DCEC justify such allegation and in a short time start investigations immediately.