Bank Windhoek achieved a 24% increase in home financing in 2024, funding 427 homes worth N$600 million. The bank hosted its annual Central Estate Agent Awards to celebrate the contributions of real estate agents. Reduced repo rates by the Bank of Namibia are enhancing homeownership accessibility, as industry leaders express optimism for a buoyant year ahead in the property market.
Bank Windhoek has made a notable advancement in home financing, funding 427 homes valued at approximately N$600 million in 2024, which marks a 24% increase in value from the prior year. Chief Financial Officer and Interim Specialist Finance Executive Officer, Zenaune Kamberipa, announced this impressive growth during the financial year’s overview. To celebrate this achievement, the bank hosted its annual Central Estate Agent Awards on 7 March in Windhoek, honoring real estate agents for their essential contributions.
Kambera mentioned the positive impact of reduced repo rates by the Bank of Namibia, which aligns with South Africa’s actions and has occurred twice in recent months. With inflation recorded at 4.5%, these reductions enhance accessibility to financing and homeownership despite increasing property prices. He emphasized, “Now is the right time to own a home, as the demand for homeownership remains strong, thus creating opportunities for families to enter the property market.”
Maureen Platt, Head of Property Finance at Bank Windhoek, commented on the promising outlook for 2024 within the property market. She highlighted the importance of the relationship between real estate agents and the bank in fostering a sustainable future for Namibia, stating, “We are proud to be such an integral part of the Namibian economy and look forward to contributing to its growth in the future.”
At the awards ceremony, notable achievements were recognized, including Rightmove Properties Windhoek CC which secured the gold award for transactions exceeding N$25 million. Meanwhile, Okomita Property Development CC and Just Property Group CC were each awarded bronze. Jacko Koen from Okomita Properties acknowledged that decreasing interest rates have stimulated business growth, particularly at Osona Village, which is introducing new amenities.
Both Marion Wolf and Lourette Liebenberg from Rightmove Properties Windhoek noted the year’s positive momentum and their focus on client service and technology, which have strengthened relations with all stakeholders. Schantal Teichmann of Just Property Group opined on the favorable collaboration with Bank Windhoek and expressed anticipation for increased sales in 2025.
The annual Bank Windhoek awards celebrate the dedication of residential and commercial real estate agents, agencies, and developers from various regions, acknowledging their loyalty and support to the bank and its clientele.
In conclusion, Bank Windhoek’s financing of 427 homes signifies a robust growth in the real estate sector, supported by reduced repo rates and a strong demand for homeownership. The collaboration between the bank and property agents plays a critical role in fostering market development, as acknowledged during the Central Estate Agent Awards. Looking forward, the outlook remains optimistic for the real estate market in 2024 and beyond.
Original Source: economist.com.na
