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Property industry remains resilient

2023-05-05  Staff Reporter

Property industry remains resilient

Staff Reporter

In 2022, Bank Windhoek financed 185 transactions valued at N$135 million in northern Namibia. This is according to Bank Windhoek’s Executive Officer of Retail Banking Services and Specialist Finance, James Chapman, who pointed out that Rundu accounted for 71 of the 185 transactions, and contributed N$55 million of the total N$135 million. 

Chapman said the scarcity of serviced land and expensive building materials are some of the challenges experienced by the property industry. However, he maintained that the property industry remains resilient, and has stood the test of time. 

He shared this information during a keynote address at the bank’s annual awards’ ceremony for northern estate agents hosted in Oshakati last week.

Chapman reminded estate agents that the bank understands it has been a tough year overall, especially considering the floods experienced in the north earlier this year. “On the economic front, we are
facing challenging times, such as high inflation and the continued pressure on households. The residential property market is susceptible to interest rate adjustments, of which we have seen quite a few upward adjustments lately,” he continued.  

The bank awarded Georgina Tjingaete of Jolly T. Real Estate, Timoteus Iita from Regent Real Estates and Simeon Iita from Hippo Real Estate as the top three agents for the northern regions. 

Tjingaete also won the gold award as the estate agent with the highest volume of transactions. Simeon Iita and Timoteus Iita scooped the second prize. Roswitha Haingura-Hilundwa, Ottilie Alfeus and Menethe Nikodemus shared the third accolade.  

Tjingaete and Simeon Iita agreed with Chapman that it was a challenging year for the property industry, and that they did their best to make it work. Elvis Hambabi, who spoke on behalf of Timoteus Iita, said the year was also difficult with many challenges, and that agents persevered to make the best of it. 

As for business methods, Tjingaete said she uses social media platforms such as WhatsApp and Facebook to advertise houses, while Simeon Iita said he always works hard to improve his previous performance. 

The estate agents said this initiative
gives them motivation to continue
working hard. 

Bank Windhoek’s Annual Estate Agent Awards recognises residential and commercial estate agents, agencies and developers from the northern, central and coastal regions for their commitment, loyalty and support to Bank Windhoek and its customers. The northern event completed the 2023 edition of the awards. 

2023-05-05  Staff Reporter

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