Property market feels the pinch

NAMIBIAN

Senior bank managers and estate agents say that at the moment there are more houses on the market than buyers, especially in the main centres of Windhoek, Walvis Bay and Oshakati.

Nedbank Namibia says this year's floods in the North also played a big role in people's ability to qualify for home loans.

Daniel Motinga, FNB Namibia's Senior Manager for Research and Development, says it now takes longer to sell houses.

"Potential sellers seem to have realised this, and are simply re-financing their houses as it is difficult to sell," he told The Namibian.

"Potential buyers are rationally postponing their purchases because of cash-flow challenges in the medium term.

In fact, the average person has little idea as to when interest rates and inflation rates will decline."

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