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Bank Gives N$120m for Coastal Housing Loans

Bank Windhoek financed 101 residential property transactions valued at N$120 million at the coast during 2022.

This was said by the bank’s head of specialist finance, Saara Shivute, at the Bank Windhoek coastal estate awards presentation at Walvis Bay on Friday.

“That is an average of N$1,2 million per unit – with residential properties showing an increase of 10% in value compared to last year,” said Shivute.

She said despite Namibian households being under increasing economic pressure, there is still a need for housing in the market and the most significant barrier to meeting the housing demand is providing and delivering serviced land for development throughout Namibia.

“As the only 100% locally owned Namibian financial services provider, Bank Windhoek will always play its part in assisting Namibians to own the property of their dreams,” she said.

During the awards ceremony, Ramos Realtors Namibia, Susan Curtis Estates and Monopoly Housing were announced the top three coastal estate agencies, with Ramos Realtors retaining the top position this year.

Michelle Herbst of Versatile Realty was the Achiever of the Year in the commercial category, while Lorin Burger from Susan Curtis Estates won the Gold Award for Achiever of the Year in the residential category.

Claudia Lofty-Eaton of Ramos Realtors Namibia won silver, while Velia Liebenberg from Henties Bay Estates came third in the residential category.

Burger and Lofty-Eaton were also recognised for submitting loan business to Bank Windhoek between N$13 million and N$18 million.

Liebenberg was recognised for bringing in business between N$7 million and N$11 million.

Shivute said 2022 was a challenging year, with an interest rate increase of 175 basis points over a short seven-month period.

“We further anticipate an interest rate increase announcement on Wednesday, 19 April, adding to existing household pressures,” she said.

“I am, however, pleased to share that the housing market at the coast experienced a good uptake, which means that amid the trying times, ordinary Namibians took up the opportunity to get onto the property ladder.”

The Bank Windhoek Annual Estate Agent Awards recognises residential and commercial estate agents, agencies and developers from the coastal, central and northern regions, for their commitment, loyalty and support to the bank and its customers.

The central region event will take place today in Windhoek.

Source : TheNamibian