THE property management and development subsidiary of Trustco Group Holdings (TGH), Trustco Properties, has announced that it will settle the transfer fees of the first 50 buyers to successfully register property purchased at its Elisenheim Lifestyle Estate Village until end of July 2019. A variety of residential erven, with or without building plans, can be purchased directly from Trustco Properties streamlining the process and qualifying for the zero transfer fees promotion.
This decision was made following a 2018 national study on the housing index in Namibia. It was found that although the prospective property buyer is eager to call a home their own, individuals are put off by the high property prices which are further exacerbated by extra charges such as conveyancing and transfer costs.
By December 2018, housing prices had dropped by a mere 3.9% across the country, with house prices in central Namibia averaging N$1.2 million, the North N$883 000 and the South at an average of N$752 000. With prices sloping lower, many first time buyers are fearful of their future property value.
What’s more, and at those prices, individuals in central Namibia would have to fork out at least N$53 000 to cover transfer costs alone. With that background, take into consideration that the highest average monthly income in Namibia – across industries – is at N$19 907 per month and the lowest is N$1 334 per month. Elisenheim offers the ideal property purchases with its strong value retention due to its rapid growth and future developments such as a medical facility, schools, retail shopping and a retirement village. These amenities will ensure the longevity of property value while offering a value for money.
The COO of Sales and Mortgages of Trustco Properties, Lizette So-Oabeb, stated that “In an effort to relieve consumers, reverse their plunging confidence in the property market and to encourage property ownership, Trustco Properties will eliminate all transfer costs for purchases at the Elisenheim lifestyle village.”
Through eliminating, the transfer fees of properties bought at Elisenheim will alleviate the extra financial strain for first time homeowners.
For more information and to view available properties at Elisenheim Lifestyle Estate Village, kindly contact Lizette So-Oabeb at LizetteS@tgh.na