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BOTSWANA \u2013 FOREIGN BUYER TRANSFER DUTY UPPED TO 30% FURTHER HAMPERS RECOVERY<\/b><\/p>\n
While Botswana experienced two lockdown periods (6-weeks in March to May and a further 2-weeks in June), Julie Denyer, a director for Seeff Botswana, says the Transfer Duty Act Amendment of 2019, effective from the 1st March has exasperated the situation.\u00a0<\/span><\/p>\n It introduced a 30% transfer duty (the highest in the world) on sales to foreign buyers (compared to 5% for citizens), effectively halting sales to foreign buyers. The banks are also concerned about the ongoing effects and potential house prices dropping drastically, she says.\u00a0<\/span><\/p>\n While there has been some recovery in the local market, mostly the P1.25 million to P2.5 million price range, and while the interest rate has dropped to 6.5%, the banks are working on plus two percent, and buyers are facing tough criteria.\u00a0<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" BOTSWANA \u2013 FOREIGN BUYER TRANSFER DUTY UPPED TO 30% FURTHER HAMPERS RECOVERY While Botswana experienced two lockdown periods (6-weeks in March to May and a further 2-weeks in June), Julie Denyer, a director for Seeff Botswana, says the Transfer Duty Act Amendment of 2019, effective from the 1st March has exasperated the situation.\u00a0 It introduced […]<\/p>\n","protected":false},"author":1,"featured_media":91,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-88","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-news"],"yoast_head":"\n