Gipf pumps N$5bn into housing as NHE asks for N$572m

The Government Institutions Pension Fund (Gipf) has invested N$5 billion in housing and property development over the years, contributing to the delivery of approximately 12 000 homes and 2 345 serviced plots across Namibia.Gipf board of trustees chairperson Penda Ithindi disclosed the figures at the Gipf pension and investment symposium in Windhoek yesterday, saying housing remained a key investment priority amid persistent shortages of serviced land and affordable homes.He said the fund's investments had also contributed to the creation of nearly 5 000 jobs across Namibia's 14 regions.Ithindi said affordable housing is an important investment priority for Gipf.The investments covered commercial property, real estate, serviced land and various housing arrangements, including rental accommodation and homeownership initiatives.Ithindi acknowledged the country's persistent housing shortage, saying institutional investors could play a greater role in addressing the deficit.Ithindi identified the pension-backed home loan scheme as one of the interventions intended to expand access to homeownership among eligible Gipf members.He said as the scheme gains traction “we believe it will change the housing landscape” across towns, settlements and villages in Namibia.He called on other institutional investors to complement Gipf's housing investments to help the country “make inroads” in addressing housing shortages.His remarks come as Namibia's housing backlog exceeds 270 000 units, with rising construction costs, limited serviced land and financing constraints continuing to affect delivery.NHE seeks N$572mAt the same symposium, the National Housing Enterprise (NHE) appealed for N$572.49 million in institutional financing to develop 1 032 housing opportunities in Windhoek, Ongwediva, Oshakati and Opuwo.NHE manager for infrastructure development Indileni Set-Sam Iipinge said the enterprise was seeking long-term financing partnerships to support land acquisition, infrastructure servicing and housing construction.“After listening to the discussions here since yesterday [Wednesday], I must admit that I arrived with one objective: to leave with funding commitments for housing development,” he told delegates yesterday.Iipinge said housing investment should be viewed as both a financial opportunity and a means of improving living conditions."Housing is not merely about providing shelter. It is about dignity. It is about economic participation. It is about wealth creation for families, and it is also about creating sustainable communities where future generations can thrive," he said.He described the request as relatively small compared with the far larger figures mentioned by other speakers.“We only require a few hundred million Namibian dollars compared to the amounts that have been mentioned. I think the first presenter was talking about trillions. So, our request is quite modest,” he said.Windhoek's Otjomuise development accounts for the largest allocation, requiring N$299.42 million to deliver 477 housing opportunities, Iipinge explained.Ongwediva needs N$120.88 million for 260 opportunities, while Oshakati requires N$125.42 million for 228. The Opuwo development is expected to deliver 67 housing opportunities at a cost of N$26.77 million.Of the total funding requirement, N$86.79 million will go towards land acquisition, N$128.40 million towards infrastructure servicing and N$357.30 million towards housing construction.“These are not conceptual projects. These are real opportunities backed by identified demand, implementation capacity and development plans,” he said.NHE is proposing a revolving development fund that would allow capital recovered from housing sales to be reinvested in subsequent projects.“As housing units are completed and sold, capital is recovered and reinvested into the next phase of projects. In other words, capital continues to work repeatedly rather than being exhausted after a single development cycle,” he explained.“Specifically, we require affordable development finance, revolving facilities, flexible drawdown arrangements and innovative financing structures aligned with the realities of housing development.”N$1.5bn facility in placeIipinge said the new funding request was separate from NHE's existing N$1.5 billion facility, co-funded by the Development Bank of Namibia and the Development Bank of Southern Africa.Approved by the institutions' boards in 2024, the facility is expected to reduce the housing deficit by approximately 2 300 units across 27 project sites."In my 20 years at NHE as a civil engineer, I believe this is the single largest external development finance arrangement we have received to date," he said.According to Iipinge, most projects under the facility have already been completed.He said NHE continued to receive land offers from local authorities, creating additional demand for development financing."We work with more than 50 local authorities. Every month, councils meet and allocate land to NHE. You can just imagine how many offers we receive," he said.Long-term capital neededGovernment funding alone could not address Namibia's housing shortage, he added."While government support remains critical, I must say that it is no longer sufficient on its own."He argued that pension funds and other institutional investors could provide the long-term capital needed to expand housing delivery."Institutional investors such as Gipf possess what housing development needs most, and that is patient and long-term capital," he said.

Gipf pumps N$5bn into housing as NHE asks for N$572m

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Namibian Sun 2026-11-13

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Gipf pumps N$5bn into housing as NHE asks for N$572m

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Namibian Sun 2026-11-13

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