Half a billion worth of home loans

Staff reporter – Total business registered in FNB Namibia’s annual competition for estate agents amounted to about N$550 million, the group said in a statement.

The total business received from the top ten agents was more than N$175 million and the top five agencies supported FNB Namibia with around N$200 million worth of registered business.

Speaking at the annual Realtor Club gala dinner recently, the chief executive officer of FNB Namibia Group, Sarel van Zyl, said 2017 had been a tough year for the Namibian economy, and the property market in particular.

“Although there were pockets of excellence, the market was subdued with low average house price growth,” Van Zyl said.

However, FNB Namibia believes that 2018 will be more positive.

“Yes, there’s always the small print disclaimer to that, but looking at where we were a year ago and where we are today, I feel positive about 2018 in general and our property market in particular. My wish is that the partnership between FNB and estate agents remain a lasting relationship, because we value your clear commitment to playing an active role in the development of Namibia, particularly in the property industry,” Van Zyl said.

Market

Magda Talbot, the acting head of home loans at FNB Namibia, said house price growth of 4% prevailed nationally during 2017, down from 5.4% in the previous year. Volumes were up 16.2%, the highest in over three years.

“Central property prices were up 8.7%, while weak price growth experienced in the Far North brought growth stimulation. Our latest valuation report indicates that 15% of properties valuated result in valuations below asking price,” Talbot said.

The current total mortgage book in Namibia exceeds N$36.5 billion, of which FNB Namibia has the largest market share of 36.5%, she said. The FNB Namibia mortgage book amounts to over N$13 billion.

“The industry experienced an increase in non-performing loans and FNB Namibia is grateful to report that our NPLs are still far below that of the industry,” Talbot said.

FNB Namibia is in the process of finalising the second part of its front-end application system, she said. “A lot of work went into this project and we are excited to report that our turnaround times are improving daily.”

The FNB Namibia Realtor’s competition includes an overseas trip to Turkey this year, a South African trip and a Namibian trip. A total of 13 trips were awarded to deserving agents and principals to thank them for their ongoing support.

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And the winners are …

· Estate agents who have registered transactions between N$10 million and N$20 million: Hans Ipinge, Hayley Fay, Jannie Erasmus, Kestodia Tobias, Lindie Lourens, Lusia Hango, Marion Wolf, Naomi van Tonder, Simone Konings

· Estate agent with registered transactions between N$20 million and N$30 million: Gretha Dos Santos

· Rural estate agent: Kaino Shakuma, Ediva Real Estates

· Rural estate agency principal with the highest combined agency figures: Kaino Shakuma of Ediva Real Estates

· Estate Agency of the Year: Rightmove Properties

· Estate Agent of the Year: Anita Dames