Namibia is poised for growth amidst 2024 housing challenges

The year 2024 brought significant developments to Namibia’s proper-ty landscape, with notable projects, economic shifts, and policy adjustments shaping the market.

Windhoek continued to lead the country in real estate activities, approving over 1,292 building plans worth N$1.25 billion so far. Key residential developments include newly serviced plots in Rocky Crest Extension 8, Otjomuise Extension 12, and Auas Blick Extension 1. Despite these efforts, Windhoek still faces a waiting list of over 55,000 individuals seeking affordable housing.
Home accessibility remains a top priority, with the National Housing Enterprise (NHE) planning to build 856 homes across the country, focusing on low-income communities and informal settlement upgrades.



The Mass Housing Development Pro-gramme has also progressed, despite legal and funding challenges, delivering 4,446 homes since 2014. Ongos Valley, another major player, offers rent-to-buy options and had plans to relocate 460 families by August 2024. These initiatives aim to meet the country’s growing housing demand, as over half of Namibia’s population now resides in urban areas, increasing pressure on land and housing resources.

Namibia’s economy has seen positive developments, with oil discoveries attracting foreign direct investment (FDI) and strengthening the Namibian dollar by 4.5% against the U.S. dollar. Investments from major energy companies, including TotalEnergies and Shell, alongside projects like Heineken’s acquisition of Namibia Breweries, have contributed to economic growth.

However, affordability challenges persist, as Namibians need to earn N$36,000 monthly to afford a N$1million home loan. The Bank of Namibia’s interest rate cuts to 7.25% offered some relief, but high inflation and limited credit extension continue to affect household finances.

In response to rapid urbanization and resource shortages, the government has introduced policies to ease transfer duties and modernize property acquisition processes. The newly proposed Property Practitioners Bill aims to enhance consumer protection and regulate industry players, while revised tax policies and wage adjustments offer additional financial support to households. Moreover, recreational master plans and water conservation measures in Windhoek address urban infrastructure needs and environmental sustainability.

In conclusion, 2024 presented both challenges and opportunities for Namibia’s property market. With strategic investments, policy reforms, and large-scale developments underway, the market is poised for growth.

Prospective homeowners and investors can leverage these favorable conditions to seize opportunities, making this a promising year for the real estate sector.

INTERVIEW WITH JUSTINA HAMUPEMBE
Real Estate Agent at Chili Real Estate



When considering a property purchase, is it more beneficial to buy a newly constructed home or an existing property, and what key factors should buyers weigh when making this decision?

When deciding between a newly constructed home and an existing property, both options have advantages and drawbacks. New homes offer modern features, energy efficiency, and low maintenance, with the possibility of customization. However, they tend to be more expensive, may face construction delays, and are often located farther from city centres.

On the other hand, existing properties are usually in established neighbourhoods with character and amenities. They are often more affordable, with quicker move-in times, but may require renovations and higher maintenance. The best choice depends on your budget, lifestyle, and how soon you need to move.

It seems from your Facebook page that you provide a house-warming gift in the form of a scrumptious charcuterie board, a bottle of champagne, and a red bow on the door during handover parties. How do you see these gestures contributing to the marketing of your services and strengthening client relationships?

I believe in creating memorable moments for my clients. Real estate is not just about buying and selling properties – it’s about building relationships. Marketing, for me, is about crafting authentic experiences. Gifting a platter and popping a bottle of champagne on registration day shows that I care about my clients and I too celebrate their big day with them.

How important is constant visibility on social media for an estate agent?

In today’s digital age, constant visibility on platforms like Instagram, Facebook, LinkedIn, and YouTube is crucial. Clients research online before making decisions, so regular engagement helps build familiarity and keeps my brand top of mind.

How long does the process typically take from viewing a property to moving in?
The timeline varies based on several factors. In Namibia, the financing and deeds registration processes can take anywhere from 4 to 6 weeks, depending on whether the buyer has pre-approval. I always recommend that clients prepare upfront by securing pre-approval to smoothen the process.

What pitfalls are there for new buyers?
New buyers often underestimate the full costs associated with property purchases, such as transfer fees, legal costs, and insurance. Another common mistake is not reviewing their credit status beforehand, leading to financing delays.

Surely one real estate agent is the same as the next. What sets your agency apart?
As #YourHomeGirl, I combine expertise with personal touch. I’m passionate about guiding first-time buyers through the journey and creating value beyond transactions by offering unique insights through educational content.

How many realtors are in your team and what are their specializations?
Currently, I work independently, managing key aspects of real estate, content creation, and client engagement myself. However, I frequently collaborate with experts from various fields – like property valuations, home loans, and architecture – to provide specialized advice. My long-term goal is to expand the team as I grow the brand into a real estate development firm.