Oversupply softens Gaborone's property market :: Mmegi Online

Gaborone’s usually bullish property market, particularly in the residential sector, experienced a slowdown in the first quarter of 2024, as oversupply created a glut, driving down valuations and eroding property prices.

A property market update by Riberry, cited in the Bank of Botswana’s (BoB) latest household indebtedness report, noted a softening in the local property market during the first quarter of this year. The residential market, in particular, experienced increased vacancy rates with supply outpacing demand, overturning the trend seen throughout 2023.

“According to the latest (2024 Q1) Riberry Report, the residential rental market showed signs of deterioration in the first quarter of 2024, compared to the fourth quarter of 2023,” the BoB said, citing Riberry. “This is evident from the rising number of properties available for rent and declining house prices.”

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.