Artist’s impression of the new residential development, ‘The Vantage’ in Windhoek, which is marketed by Pam Golding Properties Namibia.
With robust economic growth coupled with prudent fiscal management and infrastructural improvements, South Africa’s northern neighbour of Namibia is proving increasingly attractive to investors – including property developers, reports Pam Golding Properties Namibia.
“The Grove Mall of Namibia, which launched in the suburb of Klein Kuppe in Windhoek in October last year (2014), comprising 55 000sqm of shops, restaurants, entertainment and service providers – making it the largest shopping centre in the country, has spurred the demand for residential accommodation in this upmarket area,” says Paul Kruger, joint area principal for Pam Golding Properties Namibia.
“Developed by a partnership between South African and Namibian developers and incorporating major and other retailers from both countries, the mall has met with a very positive response from shoppers, particularly those who would previously have flown in to Sandton to do their shopping, as well as from Angola and Botswana.”
New sectional title residential developments have sprung up around the mall, which is well positioned in Klein Kuppe, one of the newest, most sought after residential suburbs in Windhoek, situated in the southern part of the city boundary and with scenic mountain views.
Pam Golding Properties, which has an office in the mall, recently opened a dedicated rental division to cater for the huge demand for housing accommodation to rent, especially from professionals or those on contract and connected with the ongoing infrastructure development.
“We’re also experiencing a demand from Namibian expatriates returning from South Africa and abroad, including doctors, engineers, other professionals and those in the agricultural sector, bringing valuable skills back into the country,” says Kruger. “They are re-establishing themselves locally, and looking to invest and diversify in businesses and property”.
“As residential property is expensive to buy the demand for rental property exceeds the supply of available stock. The average rental in Windhoek is N$8 000 dollars for three bedrooms and from N$16 000 to N$20 000 for a similar size unit in a good area, ranging up to N$35 000 and N$40 000 at the top end of the market. The bulk of enquiries are however in the price range from N$4 000 to N$10 000 dollars, resulting in a marked shortage of stock in this bracket. Rentals across Windhoek are in demand, on the east side of the city from N$10 000 and upwards in the more affluent areas, with the biggest demand to the west where homes are more affordable and therefore accessible”.
“As a result of the high demand for rentals, units in the new apartment blocks and small townhouse developments are mostly being bought by investors. Here they can acquire good quality accommodation in the region of N$1.2 million to N$1.3 million and achieve rental income of approximately N$8 500 per month.”
One of the new developments recently brought to market through Pam Golding Properties is an exclusive project consisting of only seven luxury units within a small security estate in an affluent suburb called Klein Windhoek in the eastern part of Windhoek, located between the mountains and the banks of the Klein Windhoek River.
“This niche development is well suited to business executives operating from Windhoek. Built to the highest specifications, all the units in ‘The Vantage’ offer four en suite bedrooms, large open-plan living and entertainment areas, lifts and private gardens – each with its own heated pool and oversized garages with laundry and storage space. Ranging in size from 400-420sqm and priced from N$10.65 million to N$11.875 million, the natural elevation of the north-facing units maximises the scenic views across an adjacent greenbelt and to the mountains.”
He says there is also considerable development to the south of the city, where private residential estates such as Omeya Golf Estate provide a tranquil lifestyle in lush green surrounds which contrast with the arid wild of Namibia’s acacia savannah. Situated 30km outside Windhoek, beneath the rugged Auas mountains, all the phases in this freehold development are sold out.
Currently Pam Golding Properties is marketing a few vacant erven re-sales priced from about N$800 000 to N$1 million for an average size of 700-800sqm. While conforming to estate guidelines, owners can use their own architect. Re-sales of single residential accommodation are also available for purchase, with three to four bedroom units priced between N$2.6 million and N$4 million.
Says Kruger, who lives on the estate: “This is well priced when compared with the Windhoek property market in general, and offers good security. Surrounded by Namibian bushveld and mountains, Omeya includes an 18 hole Peter Matkovich designed golf course, a golf academy, and a village with boutique hotel with spa and a small commercial component including a bank, restaurant, grocery store, deli, bakery and wine shop, plus a small medical centre.”
Reporting an increase in sales turnover of 20 percent for the year to date (2015), Pam Golding Properties currently has three offices in Namibia, with new agents being taken on to service the property market to the north and then also in Walvis Bay.