Real estate Namibia: FNB housing index increased by 3.4%

The FNB House Price Index has increased by 3.4% according to FNB Namibia. Overall house prices moved upwards mainly due to the demand for large properties at the Atlantic coast. The large coastal homes' prices increased by 85% from the same period last year. Property prices in the coastal region increased by 8.5% in May bringing annual growth rate to 12%. The house prices in Windhoek, Gobabis and Okahandja contracted during the period due to land delivery improvement. The cumulative developer activity for the central market stands at 307,380 square meters of land with a maximum yield potential of 717 free standing houses - a definite improvement from the last year. In the north of Namibia property prices continued on downward trend decreasing by 3.4% from the previous month or 4.9% from the same period last year. In the southern Namibia property prices remained as volatile due to thin volumes. House prices continued to increase at a much slower pace than during last year.