WINDHOEK - FNB Namibia recently awarded northern estate agents at the first ever estate agent gala dinner held in Oshakati. Tomas Iindji, Area Business Manager of FNB Far North, thanked the northern real estate agents, especially “given the challenges faced within the market” and for their dedication and perseverance.
“Northern property prices are still growing albeit at a slower rate. Price growth is down to 0.3 percent year-on-year at the end of March 2019, compared to the March 2018 figure of 12.3 percent year-on-year. The average price of a property in this region now stands at N$919 000. There is increased demand for residential property in the north - volumes have continued to climb, improving from 6.2 percent year-on-year in March 2018 to 43.4 percent year-on-year at the end of March 2019,” said Iindji.
He added that growth across all four segments is in positive territory, with the small and medium segment continuing to accelerate at rates of 39.0 percent and 25.5 percent respectively, while the large and luxury segments are growing at 19.6 percent and 2.2 percent respectively.
Property development activities are expected to pick up in this region, owing to the Oshakati Town Council’s plans to drastically reduce the number of informal settlements by providing more formal housing.”