Coastal property market booms as houses run out

Due to high prices paid by large companies for houses, be it to purchase or rent, locals in the medium-income bracket are finding it increasingly more difficult to afford a home in Swakopmund, according to Bank Windhoek’s Coastal Estate Agent of the Year, Maureen Hoon of Welwitschia Real Estates.

According to Chris Matthee, Bank Windhoek’s divisional executive for specialist finance, his bank financed property of more than N$420 million during the last financial year. Asked for comment, Hoon told The Namibian that she was honoured to receive the award in a ‘very tough market with formidable competition’.She said Swakopmund was probably one of the most expensive and sought-after places in Namibia, and with the boom in the mining industry, property was becoming even more expensive and the middle-income buyer or renter is being left out in the cold.She said all the agents agree that there are ‘no more houses’, however there is still a major demand for homes.’There is major gap in this market, what people can afford is not available.’ She said that the rental market is also a ‘panic’ because agents are receiving requests on a daily basis from people for homes to rent – but there just aren’t anymore. ‘Locals are not use to these high rental rates because we just don’t earn those salaries here.