Property Valuation, New Technologies and Digitalisation Challenges in Botswana

Abstract In a 4IR world, with big data and machine learning technologies, wide differences in assessed values amongst valuers cannot be defended anymore; and yet a number of studies reveal slow adoption of these technologies amongst valuers in developing countries. Using Botswana as an example, this paper aims to show that this is not due to the lack of awareness amongst valuers on the potential of new technologies in reducing these variances but rather to a number of other doorstep challenges faced by practitioners. These have to be resolved first. The study adopted a mixed methods approach in which quantitative data was collected through the administration of 182 questionnaires amongst registered valuers and qualitative data through in-depth interviews with five Real Estate Advisory Council (REAC) members. The study found that, despite the availability of new technologies, a number of factors were hindering its application to real estate valuation, such as: paucity of property data, an insufficient legal framework, and a low level of competence and experience amongst valuers. The study thus points to areas for policy reforms and strengthening valuers’ training and continuing professional development in Botswana.