Housing prices out of control in Namibia

Housing prices in Namibia continue to spiral out of control as the latest First National Bank (FNB) House Price Index indicates that in the past five years, prices have shot up by a massive 87.8% - the only way to bring down prices is by tripling the rate of housing supply.

Namibia is rated among countries with the highest house price increase in the world with an inefficient land delivery system, limited availability of serviced land and mismatch between supply and demand.

Currently, it is estimated that over half a million, who constitute more than a quarter of the population, are living in shacks in urban areas while the current average house prices in the country is around N$800 000. This is unaffordable to the majority 90 percent of the population.