Property sector remains resilient – Bank Windhoek

Bank Windhoek financed 185 property transactions worth N$135 million in the northern region last year, with Rundu accounting for 71 of the transactions valued at N$55 million.

This was said by the bank’s executive retail banking services and specialist finance, James Chapman, at the Bank Windhoek annual northern estate agents’ awards ceremony at Oshakati last Thursday.

Chapman said the bank acknowledges that this had been a tough year overall, especially considering the floods experienced in the north earlier this year.

“On the economic front, we are facing challenging times such as high inflation and the continued pressure on households,” said Chapman.

“The residential property market is susceptible to interest rate adjustments of which we have seen quite a few upward adjustments lately,” he added.

Chapman pointed out that the shortage of serviced land and expensive building materials are some of the challenges experienced by the property industry. However, he said the sector remains resilient despite all the challenges and has stood the test of time.

Georgina Tjingaete of Jolly T Real Estate, Timoteus Iita from Regent Real Estates and Simeon Iita from Hippo Real Estate were named the top three estate agents for the northern region.

Tjingaete, who operates from Rundu, also won the gold award as the estate agent with the highest volume of transactions.
Simeon and Timoteus Iita shared the second prize, while Roswitha Haingura-Hilundwa, Ottilie Alfeus and Menethe Nikodemus were tied for third place.

Tjingaete and Simeon Iita echoed Chapman’s sentiments that it was a challenging year for the property industry, but said they did their best to make it work.

Bank Windhoek’s annual estate agents’ awards ceremony recognises residential and commercial estate agents, agencies and developers from the northern, central and coastal regions for their commitment, loyalty and support to Bank Windhoek and its customers.
– email: matthew@namibian.com.na