Monday, November 29, 2021

Matambo warns of property crash if valuers continue inflating prices

The Minister of Finance and Development Planning, Kenneth Matambo, has pleaded with property valuers in the country not to inflate prices of property as this makes it difficult for Batswana to own homes.

He made the call during the official opening of the Botswana Building Society (BBS) Regional Branch in Francistown on Thursday. 

The Minister said that inflation of prices makes it difficult, and sometimes impossible, for mortgage lenders, such as BBS, to advance finances to ordinary Batswana to buy or own houses.

“I would like to appeal to the Real Estate Institute to intervene in this matter of property valuations, so that we can avoid property crash in the future,” he said.

Matambo went further to laud BBS for its efforts in encouraging Batswana to own homes. 
He further praised the financial institution for its growth, adding that it continues to be one of the most successful financial institutions in the country managed by citizens.

“BBS has not only conducted business in Francistown, but it has also helped to improve lives of people in the area, through its Corporate Social Responsibility programmes.

Beneficiaries through its CSR projects include Tashatha Community Junior Secondary School in Tati Siding village, Aerodrome Primary School and the Francistown Centre for the deaf,” he added.

The Minister also said that he is looking forward to seeing BBS transform into a commercial bank, adding that such a transformation will provide existing customers and all Batswana with affordable choices in terms of financial services and products. He also said such a move will help improve the competitiveness of the financial services sector of the institution.

“I am aware that, as BBS, this is your major project you are working on, in consultation with officials in my Ministry and other stake holders,” he said.

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