Challenges Faced by Youth When Acquiring Real Estate Properties in Africa. A Botswana Perspective

Abstract

The research explored challenges faced by Batswana youth in acquiring real estate properties. The experiences in Africa and Botswana were reviewed on land and housing acquisition processes, property knowledge, problems associated with property acquisition, youth property financing structures in Botswana, income sustainability and the role of government on financial access. Besides analyzing the factors that affect property acquisition, the study also identified their impact on the money market (loanable funds) as well as supply of land and housing ownership within the country. Confirmatory and descriptive research designs were used to gather data. Questionnaires were distributed to forty (60) respondents from the various ministerial arms of the government, private developers, non-government organizations, and members of public who were mainly the youth. A discovery was made that the land acquisition process was cumbersome, taking almost a decade for one to be allocated land. It needed someone with a steady job earning a decent income to be considered by financial institutions to own a property, yet the country suffers from a high unemployment rate. Particular challenges facing the younger generation in Botswana in terms of reconciling new lifestyles with traditional cultural values and belief systems were revealed. The study indicated the importance of property financing and land availability as effective ways of youth development. The most common problems discovered in Botswana included shortage of housing, poor housing quality, a high cost of accommodation and scarcity of services land. Apart from the Botswana Housing Corporation, private developers were noted to alleviate the housing deficit in the country, provided a concerted effort from both the government and the private developers was established where the government would provide serviced land only to reputable private developers.

Keywords; Real estate properties, Republic of Botswana, Housing challenges.