Bank Windhoek reported a notable increase in home financing for 2024, funding 427 homes valued at N$600 million, representing a 24% rise from the previous year. The bank celebrated this achievement at the Central Estate Agent Awards on March 7, emphasizing the importance of real estate partnerships in supporting homeownership amid favorable market conditions.
Bank Windhoek, under the leadership of Chief Financial Officer Zenaune Kamberipa, announced an impressive increase in home financing for 2024, funding 427 homes valued at approximately N$600 million. This marks a 24% increase in value from the previous year. The bank celebrated this achievement by hosting its annual Central Estate Agent Awards on March 7 in Windhoek to honor the contributions of real estate agents.
Kamberipa noted that the Bank of Namibia has recently reduced the repo rate twice, following South Africa’s example. With an inflation rate of 4.5%, these reductions are expected to enhance the real estate sector by making home financing more accessible despite escalating property prices. He emphasized that now is an opportune time for families to pursue homeownership, amidst strong demand and favorable financial conditions fostering opportunities.
Maureen Platt, Head of Property Finance at Bank Windhoek, affirmed 2024 as a promising year for the property market. She highlighted the essential relationship between real estate agents and the bank in striving for a sustainable future within Namibia’s economy, expressing pride in the bank’s pivotal role in contributing to growth.
The awards recognized top achievers in the Windhoek area, including Rightmove Properties Windhoek CC with gold, Okomita Property Development CC with bronze, and Just Property Group CC with bronze for their transaction volumes exceeding N$25 million. Jacko Koen from Okamita Properties remarked that the decrease in interest rates has led to increased property demand, citing the development of Osona Village as a notable example with its new amenities.
Marion Wolf and Lourette Liebenberg from Rightmove Properties Windhoek shared their observations of 2024 as an excellent year, attributed to solid client service and technology utilization, fostering strong relationships with industry stakeholders, particularly with Bank Windhoek’s consultants. Schantal Teichmann from Just Property Group expressed a positive outlook for future collaborations with Bank Windhoek in property finance.
In summary, Bank Windhoek’s substantial increase in home financing signifies a robust performance in the real estate sector, facilitated by favorable financial conditions. The annual awards highlight the important partnerships between the bank and real estate professionals, contributing to a thriving property market. The collaborative efforts between stakeholders are essential for fostering homeownership in Namibia, especially with ongoing infrastructure developments and advancements in customer service. Overall, 2024 presents promising opportunities for growth and success in the sector.
Original Source: economist.com.na
