The Ministry of Agriculture, Water and Land Reform on Thursday inaugurated the Namibian Council for Property Valuers Profession.
Agriculture minister Calle Schlettwein indicated that the council is expected to play a pivotal role in the regulation and licensing of valuation professionals in Namibia.
Schlettwein, during the inauguration of the council on Thursday, said there has previously been a perception that valuation is an art that can be mastered by anyone, given enough years of experience.
However, he stated that valuators are now operating in a sophisticated and competitive global environment and, therefore are expected to conform to internationally acceptable standards.
“Real estate forms a significant portion of property markets across the world,” he said.
He added that in Namibia, real estate is a significant asset class, with 8.2 percent of total loans extended by the banking industry to the real estate sector as of December 2024.
Furthermore, the real estate industry contributed approximately 4.8 percent to gross domestic product as of December 2024.
Regarding mortgage exposure, Schlettwein noted that mortgage loans account for 50.4 percent of total loans extended to the private sector, with mortgages extended to households accounting for 39.1 percent of total loans, and those extended to businesses accounting for 11.6 percent of total loans.
The minister stressed that the proper and accurate valuation of properties in the real estate market is, therefore, an absolute requirement, as it underpins the entire real estate value chain.
At the event, Schlettwein announced the appointment of Rudolf !Nanuseb, Veronika Ndeufiilwa Halwoodi, Joseph Ndinoshisho Mbangula, Fortune Prince Utjiua Jarson, Sandra Balwizi Simasiku, Thebe-Yatumelo Christopher Khaile and Johanna Halleluya Shikongo as members of the Namibian Council for Property Valuers Profession.
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