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.

Similar News

 

New hospital on the cards

2 days ago - 15 October 2018 | Infrastructure

The development of a new township that, amongst others, includes a hospital, is in the process of being gazetted and registered.According to a recently published...

SHAF to help with housing

2 days ago - 15 October 2018 | Infrastructure

The managing director of Shelter Afrique (SHAF), Andrew Chimphondah, said the organisation is willing to help Namibia address its housing problems.He made this statement earlier...

Waste facility opens in WHK

2 days ago - 15 October 2018 | Infrastructure

The Windhoek municipality is tasked with the responsibility of ensuring that all waste generated within the city is managed so as to minimise its potential...

Rehobothers woeker met begraafplaas

2 days ago - 15 October 2018 | Infrastructure

Hoewel die begraafplaas projek op Rehoboth tans sloer, het dit tot dusver baie goed verloop en is die projekleiers tevrede met hulle vordering.“Die ou begraafplaas...

Urbanisation Namibia's future

1 week ago - 08 October 2018 | Infrastructure

Elvira Hattingh - In the next 30 years, Namibia will have to accommodate another two million people in towns. That is equal to 22 Rundus,...

Traffic congested as road closes

3 weeks ago - 24 September 2018 | Infrastructure

Yolanda Nel - Traffic in the southern suburbs of the capital has been heavily congested since the recent closure of the access road leading to...

N$142m lost due to non-sales

1 month - 17 September 2018 | Infrastructure

Yolanda Nel - A number of proposed purchasers failed to finalise transactions for erven by the end of August, which lead to the automatic cancellation...

TKC key to development

1 month - 17 September 2018 | Infrastructure

The seventh Trans Kalahari Corridor Management Committee (TKCMC) joint law enforcement operation took place on the B2 highway near Swakopmund on Wednesday.Speaking on behalf of...

New building for August 26

1 month - 10 September 2018 | Infrastructure

Yolanda Nel - To observe a company’s ethics and principles in accordance with the laws that govern company management in the country, they should be...

Housing backlog continues to rise

1 month - 10 September 2018 | Infrastructure

Yolanda Nel – A total of 63% of residents in the capital on the waiting list for housing earn less than N$3 000 a month.“Our...

Latest News

Klein idee, groot verskil

2 days ago - 15 October 2018 | Environment

'n Oogkundige het besef Namibië het die wêreldwye reuse-plastiekprobleem nie vrygespring nie, en die land moes lankal reeds iets doen om te verseker dit ruk...

Betoging stopgesit

2 days ago - 15 October 2018 | Society

Rehobothers het beplan om Vrydag tot by die dorpsraad te betoog om 'n petisie te oorhanding oor die voorwaardes waaronder erwe op die dorp verkoop...

SHAF to help with housing

2 days ago - 15 October 2018 | Infrastructure

The managing director of Shelter Afrique (SHAF), Andrew Chimphondah, said the organisation is willing to help Namibia address its housing problems.He made this statement earlier...

4x4s battle it out

2 days ago - 15 October 2018 | Events

Next Saturday (20 October), it's the Battle of the Brands for Cancer at the Benguella Angling Club in Olympia.This Land Rover Owners (LRON) initiative calls...

Waste facility opens in WHK

2 days ago - 15 October 2018 | Infrastructure

The Windhoek municipality is tasked with the responsibility of ensuring that all waste generated within the city is managed so as to minimise its potential...

Shoprite maak skoon

2 days ago - 15 October 2018 | Environment

Terwyl baie inwoners luilekker op 'n Saterdag agteroor lê en bietjie sport kyk, het een besigheid op Rehoboth besluit om die tyd beter te benut...

Rehobothers woeker met begraafplaas

2 days ago - 15 October 2018 | Infrastructure

Hoewel die begraafplaas projek op Rehoboth tans sloer, het dit tot dusver baie goed verloop en is die projekleiers tevrede met hulle vordering.“Die ou begraafplaas...

Honderde sien weer beter

2 days ago - 15 October 2018 | Health

Yolanda Nel – Daar het letterlik honderde mense Donderdag by die Windhoek sentrale hospitaal opgedaag ná oogkundiges kragte saamgesnoer het om oogtoetse teen N$20 aan...

Halfway on, world off mark...

2 days ago - 15 October 2018 | Health

Moses Magadza - A senior United Nations Programme on HIV and AIDS (UNAIDS) official says although notable progress has been made against the disease, the...

Load More