Demand for houses enormous, says bank MD

Bank Windhoek’s managing director James Hill says there is an enormous demand for houses in Namibia. Hill said last Friday that the availability of land is the most restrictive factor particularly in Windhoek due to the constant influx of people.
“Property remains an excellent investment, but he demand for residential property in Windhoek and other major centres in Namibia is exceeding the supply. Bank Windhoek is a serious contender in the property finance market and we have identified it as an area of growth,” said Hill during an award ceremony for estate agents held in Windhoek.

Capricorn Investment Holdings, Bank Windhoek’s holding company, has established a new subsidiary called NamibBou to facilitate the supply of affordable housing to lower income groups. NamibBou is responsible for project developments and provide qualifying clients with a package deal, which will include both the house and the finance.
“We view this initiative as part of the group's social responsibility, which will assist with the upliftment of our people,” said Hill.

Bank Windhoek registered loan businesses of more than N$206 million from estate agents around the country in the 2005/6 financial year, said Chris Matthee, the divisional executive of Specialist Finance. The amount was channelled to Bank Windhoek by 150 estate agents. In addition, Bank Windhoek also granted loans for development projects in Namibia exceeding a total construction cost of N$318 million during the same period, said Matthee.