{"id":76312,"date":"2024-09-01T16:19:00","date_gmt":"2024-09-01T16:19:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/no-home-for-the-young"},"modified":"2024-09-01T16:19:00","modified_gmt":"2024-09-01T16:19:00","slug":"no-home-for-the-young","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/no-home-for-the-young","title":{"rendered":"No home for the young"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Young professionals and middle- to low-income earners in Namibia cannot afford to buy a house.<\/b><\/p>\n

This is because they earn less than the N$30 000 needed to be able to buy a N$1-million house in Windhoek.<\/p>\n

The average three-bedroom house in the capital costs roughly N$1,2 million in areas of high and medium density.<\/p>\n

Economists Salomo Hei and Josef Sheehama say an employee with a gross salary of N$36 123 would qualify for a N$1-million bond.<\/p>\n

Sheehama says few young people in Namibia earn this kind of money.<\/p>\n

Hei says the monthly instalment on a N$1-million house before construction is N$10 664, N$8 678 during construction, and N$11 361 afterwards.<\/p>\n

\u201cMany Namibians, particularly those in the lower-income brackets, struggle to access mortgages due to stringent lending criteria,\u201d he says.<\/b><\/p>\n

Josef Sheehama<\/p>\n

The average size of a standard house is 300m2, according to the City of Windhoek.<\/p>\n

The average cost of a house per square metre in Windhoek\u2019s affluent suburbs is no less than N$8 184, while Katutura is priced at N$3 708.<\/p>\n

According to these statistics, an average 300-square metre house in Katutura would cost roughly N$1,1 million, while a similar house in Klein Windhoek would cost about N$2,5 million.<\/p>\n

Hei says the value of a property is essentially determined by looking at its size and comparing it to its actual price.<\/p>\n

\u201cOnce you\u2019ve got the price, you will be able to divide that into the size of the property under the roof. This means you pay more in affluent areas,\u201d he says.<\/p>\n

The economist says the value of houses in affluent suburbs includes factors like the assumption that they are in a better area, as well as levies, among others.<\/p>\n

\u201cOne of those factors could be the excavation you need to carry out before you start building, and that becomes part of the final price. So, you pay a more in affluent areas precisely for that reason,\u201d Hei says.<\/b><\/p>\n

He says National Housing Enterprise houses at Ongos and Gobabis are definitely not low in cost, because the square metre here is on the high end.<\/p>\n

Sheehama says although demand for housing in Windhoek has dwindled, prices remain high.<\/p>\n

\u201cBorrowers\u2019 ability to repay mortgage loans or afford a decent home has been impacted by rising mortgage lending rates,\u201d he says.<\/p>\n

\u201cFor the majority of young individuals desiring to purchase a home, cost is a major barrier,\u201d he says.<\/p>\n

Sheehama says more land needs to be serviced to make housing affordable.<\/p>\n

\u201cEnough land must be serviced to bring down the price of property,\u201d he says.<\/p>\n

Salomo Hei<\/p>\n

Speaking at Old Mutual\u2019s housing launch yesterday, the minister of urban and rural development, Erastus Uutoni, said land sold to private developers drives housing costs up.<\/p>\n

\u201cThe local authorities have been selling serviced and unserviced land to private property developers who have built housing units that are often unaffordable to the many needy,\u201d he said.<\/p>\n

\u201cMoreover, the available serviced land and housing units are often pricey due to the high cost of inputs,\u201d he said.<\/p>\n

Uutoni said another factor is limited housing financing facilities, especially for low- to middle-income earners.<\/p>\n

\u201cVarious studies have revealed that a large percentage of Namibian households do not have access to conventional home loan facilities,\u201d the minister said.<\/p>\n

According to the latest PSG market report, the current repo rate stands at 7,50%, and the prime rate at 11,25%.<\/p>\n

Popular Democratic Movement (PDM) member of parliament Maximalliant Katjimune says Namibia\u2019s housing market is anti-young and anti-poor.<\/p>\n

\u201cIt\u2019s a ticking time bomb . . . and that is why the PDM manifesto proposes a number of radical policies, such as \u2018One Namibian, One Plot\u2019 to break this housing deadlock,\u201d he says.<\/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. Young professionals and middle- to low-income earners in Namibia cannot afford to buy a house. This is because they earn less than the N$30 000 needed to be able to buy a N$1-million house in Windhoek. The average three-bedroom house in the capital costs roughly N$1,2 million in areas of high and […]<\/p>\n","protected":false},"author":84,"featured_media":76310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[234,236,233],"class_list":["post-76312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNo home for the young - Namibia<\/title>\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\/no-home-for-the-young\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No home for the young\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. 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