Housing market feels pressure

09 November 2017 | Infrastructure

Properties currently spend an average of 24 weeks on the market before being sold - mostly below the asking price.

According to FNB Namibia analyst Jospehat Nambashu, 98% of properties are being sold below valuation at the moment, mostly because prospective home owner's disposable income is under significant pressure.

“Macroeconomic challenges continue to weigh on the Namibian housing market as annual price growth decelerated to 6.4% for the month of June,” he says.

This indicates a massive decline from 11.6% recorded last year.

The average nominal value of residential properties in central parts of the country jumped 9% in June compared to a year ago. In the capital, prices were up 9.1% through June, with the average price now close to N$1.6 million. Gobabis saw house prices increase by 3.6% over the last 12 months, while in Okahandja the volume of property transactions increased by 8.9% which can be attributed to the construction boom in the town.

Volume growth has remained negative for 17 consecutive months up until June this year. “The upper income segment was hardest hit, with a 43.4% contraction,” Nambashu concludes.

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