Modest house price growth of 4% in 2017

February 25, 2018, 5:12pm

House prices have increased by a modest 4.0% through the past year and whilst the headline rate is still positive, momentum now looks weaker due to the downwardly growth rates recorded in the second half of the year, according to FNB Namibia’s latest housing index.

According to analyst at FNB Namibia, Josephat Nambashu, this was triggered by mounting pressure on household incomes, which exerted an increasing drag on consumer confidence.

The average property price increased to N$1.1 million in December, slightly higher than this time last year,” states Josephat Nambashu – Analyst at FNB Namibia.

The index further maintains that at the mentioned levels, the housing market remains resilient, in relation to the weak economic backdrop, where the economy continued to shed jobs and disposable income remained weak.