Bank Windhoek Finances 427 Homes, Celebrating Success in Real Estate

Bank Windhoek reported financing 427 homes valued at N$600 million in 2024, marking a 24% increase from the previous year. The decline in repo rates has enhanced accessibility for home financing despite rising property prices, as emphasized during the Central Estate Agent Awards held on March 7. The collaboration between the bank and real estate agents is essential for sustainable growth in Namibia.

Bank Windhoek has reported a significant milestone in home financing for 2024, having financed 427 homes worth around N$600 million, signifying a 24% increase in value compared to the previous year. This announcement was made by Bank Windhoek’s Chief Financial Officer, Zenaune Kamberipa, during a recognition event for real estate agents held on March 7 in Windhoek.

The decline in repo rates by the Bank of Namibia, mimicking South Africa’s approach, coupled with the current inflation rate of 4.5%, has positively influenced the real estate sector. Kamberipa noted, “These rate cuts provide a welcome boost to the real estate sector, making financing and homeownership more accessible despite rising property prices… our collective efforts become crucial.”

Maureen Platt, the Head of Property Finance at Bank Windhoek, expressed optimism regarding the property market in 2024 and emphasized the vital partnership between real estate agents and the bank for the sustainability of Namibia’s economy. “We are proud to be such an integral part of the Namibian economy…” she stated.

Several real estate agencies were honored at the awards for their substantial transaction volumes, including Rightmove Properties Windhoek CC, Okomita Property Development CC, and Just Property Group CC. Jacko Koen from Okomita Properties remarked that decreased interest rates have led to increased property demand, highlighting the attraction of developing communities like Osona Village.

Industry representatives, Marion Wolf and Lourette Liebenberg from Rightmove Properties, voiced their satisfaction with the progress made over recent years, focusing on client service and technology use in their operations. Schantal Teichmann from Just Property Group expressed a positive outlook for future sales in collaboration with Bank Windhoek.

In summary, Bank Windhoek has successfully financed 427 homes in 2024, reflecting a notable 24% increase in value from the previous year. The reduction of repo rates has further facilitated homeownership, leading to positive trends in the property market. The collaboration between real estate agents and the bank is highlighted as essential for continued growth and success within Namibia’s economy.

Original Source: economist.com.na