The Brief is an online news portal and going source with a focus on the Namibian business sector, current affairs, companies and financial markets.
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March 22, 2023
Property (83)
FNB Namibia has warned that Namibian households could be forced to downscale their lifestyles by seeking out cheaper accommodation options as economic pressures continue to bite, impacting the recovery of the country’s rental market.
Before shopping for a new home, you must determine how much house you can afford.
The City of Windhoek has embarked on a N$868 million property development plan that aims to construct 1 200 houses and create over 15 000 jobs.
Are you looking to invest in a property in Windhoek? The hardest part for many people is deciding which suburb to buy in, especially in the current economic climate, where household incomes are put under tremendous pressure due to rising costs and tough economic times.
Oryx Properties is planning to invest millions of dollars towards the expansion of Maerua Mall, in a development that is expected to unlock shareholder value and increase revenue streams.
Buying a property is not as simple as signing an agreement, paying the purchase price, and getting your keys. It involves a lengthy process that can take between 4-6 weeks.
The Monetary Policy Committee (MPC) of the Bank of Namibia has decided to increase the Repo rate once again by a whopping 75 basis points to 5.50% from 4.75% in the meeting held on 17 August 2022.
The City of Windhoek approved 314 building plans valued at nearly N$500 million in July 2022, compared to 249 plans worth N$400 million in the prior month.
When it comes to purchasing a property, many types and forms of real estate are available.
Whether you are a developer or soon to be homeowner, a well-designed floor plan is a good point of departure when embarking on the home building journey.
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It is important that sellers guard against being swayed by the charm and the promise of selling for maximum profits and ensure they do not overlook the importance of ticking all the boxes before awarding a mandate for the sale of their property.
You must make sure that the agent is properly qualified and has a valid Fidelity Fund Certificate (FFC).
This is important because a registered agent with a valid Fidelity Fund Certificate offers protection, not only for the sellers but also for buyers as well as for the agent.
The importance of a valid Fidelity Fund Certificate (FFC)
Under the Estate Agents Act, no person may practice as an estate agent unless he or she is in possession of a fidelity fund certificate. The power to issue and withdraw this certificate vests in the Namibia Estate Agent Board (NEAB).
Fidelity Fund Certificates are valid for 12 months and must be renewed by 31 October annually. Sellers are entitled, and it is recommended, to ask to see the FFC of an agent to check its validity on the document itself as well as with the NEAB, where you can search whether someone purporting to be an agent is in fact registered as such.
By dealing with an agent with a valid fidelity fund certificate, you are not just confirming that the agent is legitimate and appropriately skilled, but the transaction would be covered by the Estate Agents Fidelity Fund (administered by the NEAB) should the need ever arise to lodge a claim with the fund.
The purpose of the fund is to reimburse a member of the public who, under certain circumstances, has suffered a financial loss as a result of his dealings with an estate agent.
There is no limit to the amount a claimant may recover from the fidelity fund, but certain requirements must be complied with before a person is entitled to enforce a claim against the board for compensation from the fund.
The dangers of dealing with an agent who is not registered with the NEAB are enormous. It is an easy exercise to check whether an agent is registered or not - simply ask to see a current copy of the agent’s Fidelity Fund Certificate.
If the person with whom you are considering working with does not have this, move on and find someone who has the right credentials.
For enquiries Text,Call or email #yourhomegirl Justina Hamupembe
Cell: +264812726001
Email. This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.chili.com.na
If your dream of owning a home is on your bucket list, you’ve likely searched for property, narrowed your home preferences, and even attended a few open houses. But while you might be mentally ready to buy a home, your financial situation might tell a different story.
One of the most important elements of selling your property is getting the listing price right.
The City of Windhoek approved a total of 227 building plans valued at N$398.2 million in June, representing a 55.5% m/m increase from the 146 building plans worth N$118.1 million approved in May.