Bank confidence drives property market boom

Stronger credit support to prospective property owners and developers is underpinning the prevailing boom in purchase and rental property prices, analysts have said.

According to Bank of Botswana statistics, banks advanced a total of P434.6 million in loans and advances towards property for individuals last year, down from P521.8 million in 2008. However, total property loans and advances outstanding to individuals stood at P2.54 billion by the end of last year, marking the rapid growth of mortgage credit in Botswana since 2004.