Environment favourable for house buyers

PHILLEPUS UUSIKU There has been a noticeable recovery in volumes sold in the property market following last year’s lows. According to First National Bank (FNB’s) latest House Price Index report, volumes in the medium housing segment has increased by 17% during 2020. The environment remains favourable to house buyers, provided their budgets can accommodate interest repayments and they have jobs in a defensive industry that provides job security, Simonis Storm (SS) said.“Interest rates are low and will remain low as we only expect interest rates to increase as of mid-next year,” SS added. Both prime (7.5%) and average lending (6.80%) rates remain below their long run averages.In the monthly building plan statistics, released by City of Windhoek (CoW), for July 2021 a total of 36 building projects were completed during July 2021, compared to 300 completed projects in July 2020, down by 88.0% year-on-year. The 36 projects completed in July 2021 had a value of N$24.4 million compared to N$1.6 billion of the 300 projects completed in July 2020, SS pointed out.The value of approved plans in July 2021 were higher in middle- to low-income neighbourhoods in Windhoek. The Goreangab Waterfront residential and commercial development has started selling residential units since last year. This development is expected to have positive spill-over effects in terms of job creation and improved road infrastructure for the area, SS said.From a total of 256 building plans received, 223 were approved during July 2021 by CoW, compared to 288 being received and 128 being approved by CoW during June 2021 74.2% month-on-month increase in the number of approved building plans. Depending on the value of these plans and whether applicants have appropriate funding to commence construction, this should support construction activity in Windhoek in the coming months, SS added.“We are aware of major ongoing and new construction projects in Windhoek. Some examples include: Hilltop at Grove, Bank Windhoek Klein Windhoek branch, shopping centre in Tauben Glen, Paratus data centre in Brakwater, extension of Lady Pohamba Private Hospital, Nedbank Head Office and residential complexes in Khomasdal and Rocky Crest,” SS said.

Environment favourable for house buyers

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Namibian Sun 2025-06-19

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Environment favourable for house buyers

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Namibian Sun 2025-06-19

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