Despite evoking an improvement in the construction sector, Minister of Finance Calle Schlettwein feels this is likely to only occur in 2018. For the past year-and-a-half, the sector has known the severest economic circumstances since 2009 with a drop by 26 percent of the activity rate last year. According to latest figures, the contraction is even larger than that. “Recessionary pressures are...

Recently the current minister of finance explained in parliament that there was a serious need to optimise spending in this context of current economic uncertainty. But this situation does not mean that investing in property is a bad idea. Indeed, according to Standard Bank’s home loans sales manager, Caroline Orange, buyers have to take advantage of this period to buy much cheaper...

Only those who can afford to buy are allowed to urban land. Urban land is for sale and if the poor cannot afford to buy it, then they should stay on communal land instead of grabbing land. These were words said by Raphael Liswaniso, Katima Mulilo chief executive officer. His words came after the town council and the police demolished about 100 illegal structures last Thursday at the Lwanyanda compound...

Ohorogo Cement made available N$9 million to go towards housing for its employees. The money will help the purchasing of land, and cement contributions for the construction the houses. The managing director of the company, Hans-Wilhelm Schütte, said that this is the biggest highlight in the whole history of Ohorongo Cement as they created the first of many real and lasting legacies for the welfare of...

The average house in Namibia in June cost 6,4% more than a year ago. It represents a decrease compared to the period June 2015 - June 2016 when the increase was 11,6%. This was released in FNB Namibia's Housing Index in early November. As the economy only increased by 1,1% last year and with still jobs cuts in the country, disposable income is under significant pressure. As a result Namibian housing...

As the recession continues, consumers are keeping their purses tight and have deserted the shopping malls. The Bank of Namibia data revealed last week that Private Sector Credit Extended increased at a slower pace as consumers kept their distance from credit facilities to avoid spending. The motor industry and the economy as a whole are continuously straggling. Some sectors are affected more than...

FNB leading analyst Josephat Nambashu says that the housing demand is suffering. There is not much demand from buyers and when a property sells, it sells on average 98 percent below its asking price. The country’s residential property market changed from a seller’s market to a buyer’s market. Price growth dropped almost everywhere except for the coastal market. Mortgage advances have...

The Mayor of Walvis Bay, His Worship Alderman Immanuel Wilfried, Special Advisor to the Governor of the Erongo Region Ms Adelheid Kandjala and CEO of Atterbury Louis van der Watt officially opened the first regional shopping centre in the Namibian port city. Leading South African property developer and investor Atterbury in partnership developed the R600 million mall with local developers Collins...

The Namibian housing market is continuing to suffering due to pressure on disposable income and to macroeconomic pressures. Last year the economy fell to a lowly 1.1 per cent GDP and the housing market price growth decelerate to 6.4 per cent in June. Josephat Nambashu from FNB is releasing the news while pointing out a very noticeable decline from the 11.6 per cent annual price growth recorded on the...

FNB Namibia’s Housing Index revealed yesterday that in June the average house in Namibia cost 6,4 per cent more than a year ago. Disposable income is under pressure and macro-economic challenges continue aggravating the Namibian housing market that saw the annual price growth slowing down to 6,4 per cent in June. This substantial decline is more evident in real price changes, which has been in the...