{"id":58976,"date":"2023-11-24T15:54:28","date_gmt":"2023-11-24T15:54:28","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector"},"modified":"2023-11-24T16:41:09","modified_gmt":"2023-11-24T16:41:09","slug":"deposit-reprieve-to-boost-construction-sector","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector","title":{"rendered":"Deposit reprieve to boost construction sector"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The recent adjustment by the central bank to the loan-to-value (LTV) ratio regulations, effective as of 31 October 2023, has been welcomed as a significant boom in the construction sector.<\/p>\n

It addresses a key impediment for second-time home buyers and contributes to the provision of much-needed housing for Namibians. The changes mean second-time home buyers now enjoy a reprieve from the obligation to pay deposits.<\/p>\n

This is according to stock brokerage, Simonis Storm (SS), who in their latest building sector report noted that the Bank of Namibia\u2019s move is anticipated to attract investments in the housing sector, fostering a positive impact on the property market and potentially stimulating increased demand.<\/p>\n

Central bank spokesperson Kazembire Zemburuka recently stated; \u201cA mortgage loan for a second residential property no longer requires any deposit, while mortgage loans for third and subsequent residential properties only require a 10% deposit.\u201d<\/p>\n

However, SS noted that despite the positive outlook, it is prudent to exercise caution; \u201cThe relaxation of these ratios may indeed spur further demand in the sector, adding momentum to an already recovering market. However, a noteworthy consideration is the potential consequence of increased demand on property prices. It should be acknowledged that while these changes aim to facilitate access to housing, the affordability challenge persists, particularly given the prevailing relatively high interest rates.\u201d<\/p>\n

SS added that the immediate impact of LTV relaxation on affordability may be limited but noted that as stakeholders navigate these developments, a balanced approach is crucial to sustaining positive momentum while mitigating potential challenges associated with heightened demand and affordability constraints.<\/p>\n

Meanwhile, the SS report pointed out that in October 2023, Windhoek and Swakopmund combined saw 268 building plans approved, valued at N$333.2 million. This represents a 7.6% month-on-month (m\/m) decrease and a 19% year-on-year (y\/y) decline in approvals.<\/p>\n

Completed projects for the month reached 180, making it the year\u2019s second-highest monthly total and signifying an 89.5% y\/y increase from the same month last year<\/p>\n

In October 2023, the City of Windhoek approved 197 building plans, from an increase of 22 from September, marking a monthly growth rate of 12.6% m\/m.<\/p>\n

\u201cYet, this was a 29.6% y\/y decrease compared to October 2022. The total value of these approvals was N$303.5 million, down from N$400.7 million in September 2023,\u201d SS stated.<\/p>\n

The brokerage\u2019s breakdown of the 197 approved Windhoek plans for October 2023 reveals that 152 plans pertain to additions, five are commercial building plans, 22 are designated for new residential properties, 17 are for walls, and one is allocated for a pool.<\/p>\n

For the year-to-date, spanning January to October 2023, just over 180 building plans received approval, collectively valued at N$1.6 billion.<\/p>\n

Source: neweralive<\/b><\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The recent adjustment by the central bank to the loan-to-value (LTV) ratio regulations, effective as of 31 October 2023, has been welcomed as a significant boom in the construction sector. It addresses a key impediment for second-time home buyers and contributes to the provision of much-needed housing for Namibians. The changes mean […]<\/p>\n","protected":false},"author":84,"featured_media":58975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[234,236,233],"class_list":["post-58976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nDeposit reprieve to boost construction sector - Namibia<\/title>\n<meta name=\"description\" content=\"The recent adjustment by the central bank to the loan-to-value (LTV) ratio regulations, effective as of 31 October 2023, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deposit reprieve to boost construction sector\" \/>\n<meta property=\"og:description\" content=\"The recent adjustment by the central bank to the loan-to-value (LTV) ratio regulations, effective as of 31 October 2023, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-24T15:54:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-24T16:41:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/11\/sm_1700831287.747027.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"485\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Deposit reprieve to boost construction sector\",\"datePublished\":\"2023-11-24T15:54:28+00:00\",\"dateModified\":\"2023-11-24T16:41:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector\"},\"wordCount\":446,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/11\/sm_1700831287.747027.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/deposit-reprieve-to-boost-construction-sector\",\"name\":\"Deposit reprieve to boost construction sector - 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