The effects of the implosion in property markets in Europe and the United States took almost a full year before it could be felt in Namibia.
Worldwide, property markets tumbled with housing prices falling to their lowest levels since 1992.
Property values crashing by up to 50% were reported in June 2009 in the UK by the Guardian and the Telegraph. Another recent report said more than a million residential properties in Spain are empty.
This year, the recession also took its toll in neighbouring South Africa where residential properties are now on average some 30% down from a year ago. For the first half of 2009, around 23 000 properties were repossessed in SA’s Western Cape Province alone. 
Yet it seems, properties in Swakopmund are still selling like hot cakes with prices remaining at very level highs. 

Read the full article on the Namibia Economist here:
http://www.economist.com.na/index.php?option=com_content&view=article&id=19684:property-market-boom-in-swakopmund&catid=539:general-news&Itemid=60