Property (83)

 Living at the right address, in the right location with a good road network will always add value to your property. Namibia is ranked number one in Africa and 21st in the world in terms of quality road infrastructure. 

A landlord is not prohibited from selling the property to a third party while the property is housing a tenant and a lease agreement is in place. However, in terms of the legal principle of ‘huur gaat voor koop’, which means a lease agreement goes before the sale or hire takes precedence before purchase.

There is no doubt that times are tough. The ongoing Russian-Ukraine conflict, soaring inflation and depressed growth prospects continue to put affordability for housing under pressure, especially in the face of rising interest rates.  

 The Development Bank of Namibia (DBN) says it’s looking at filling the void in local land servicing by providing funding towards the development of bulk land infrastructure. 

The Government Institutions Pension Fund (GIPF) says it has financially contributed towards the servicing of over 5,591 erven and construction of over 6,582 housing units across the country over the past 10 years, the bulk of which is in the affordable housing category.

Not all renovations are equal and, whilst many will deliver on returns, some renovations can work against you. Everyone knows that a fresh coat of paint or a kitchen and bathroom remodel will add value to just about any house.

The City of Windhoek has approved 237 building plans in September worth nearly N$150 million, representing a 2.2% m/m increase from the 232 building plans approved in August.

Namibia has launched a one-stop-centre housing database to track accurate housing needs in the country and improve government decisions.

If you are interested in a career as a real estate agent in Namibia, here is some useful information to get you started. 

The Auasblick property development which is being developed on a 57-hectare piece of land through a Public-Private Partnership (PPP) undertaken by Sinco Investment Sixty One trading as PPH Auasblick in conjunction with the City of Windhoek is set to come to market next week after 118 plots were sold in the first phase. 

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