NAMIBIA’s housing demand continues to outrun supply and it’s estimated that the country’s housing backlog shortage is winged about 300 000 units mark for both low and middle-income groups.
This is according to figures provided by the Namibia Housing Enterprise.
Oshana regional governor Elia Irimari stated that addressing the issue of housing backlog requires collective efforts from local authorities and financial institutions to make it a reality.
Irimari explained that financial institutions also play an important role in the housing market through the provision of financing.
However, currently, the financial institutions are not financing housing built with alternative materials in Namibia but are doing so in South Africa.
“Currently we cannot achieve inclusiveness with this approach, as the market continues to exclude low-income earners,” he cited.
He stated that the issue of reducing housing backlog is a matter that needs to be addressed. Housing continues to be one of the most contestable issues in our public and remains of concern,” he said.
Irimari stressed that what they seek as sustainable solutions, where the financial institution will also need to ensure that they lend responsibly to those who are deserving capable, and able to repay.
Irimari indicated that Letshego Bank remains the only bank that thus far, introduced a product that caters to the need of low to middle-income earners with the purpose of addressing the housing backlog in the country.
Meanwhile, a local property developer Andreas Angula rendered his disappointment over how banks are not forthcoming with wanting to give loans to many.
Angula becomes one of the first Namibian developers to construct houses with concrete to withstand stormy weather and improve the building lifelong.
However, He stated that many banks do not want to finance them, despite having all required documents and certificates.