The minimum price at which a seller of property will accept a bid at an auction.
At an auction, the price below which the owner of the item may refuse to sell. For example, if the reserve price is $1,000, and bidding does not rise above $900, the owner may withdraw the item from the auction. The reserve price is also called the upset price.
With upset prices accelerating by 196% in 15 months, there is a serious need to rethink the current land delivery model because N$400 per sqm is not affordable for 60% of Windhoek households who will never afford land in Windhoek, let alone housing.