Africa Housing Finance Yearbook 2018

Namibia

KEY FIGURES

Main urban centres Windhoek

Exchange rate: 1 US$ = [a] 23 Aug 2018 13.40 Namibian Dollar PPP Exchange rate (Local currency/PPP$) 1 Namibian Dollar = [b] 6.6 Inflation 2016 [b] | Inflation 2017 [c] | Inflation 2018 [c] 7.0 | 6.2 | 4.0 Population 2016 [d] | Urban population size 2016 [d] 2 280 716 | 1 068 625 Population growth rate 2016 [d] | Urbanisation rate 2016 [d] 1.90% | 4.25% Percentage of the total population below National Poverty Line 2016 [d] 10.7% Unemployment rate 2016 [d] 34.00% GDP (Current US$) 2017 [d] | GDP growth rate annual 2017 [d] US$13 159 million | -8.8% GDP per capita (Current US$) 2017 [d] US$5 555 GNI per capita (Current US$) 2017 [d] US$5 474 Gini co-efficient 2016 [d] 57.2 HDI global ranking 2016 [e] | HD country index score 2016 [e] 125 | 0.340 Is there a deeds registry? Yes Number of residential properties that have a title deed [d] 92 161 Lending interest rate [f] 10.12% Mortgage interest rate | Mortgage term (years) [g] 11.50% | 20 Downpayment 0.00% Mortgage book as a percentage of the GDP 2.10% Estimated number of mortgages n/a Price to Rent Ratio in City Centre [h] | Outside City Centre [h] 8.95 | 9.81 Gross Rental Yield in City Centre [h] | Outside City Centre [h] 11.17 | 10.19 Construction as a % of GDP 2017 [d] 2.90% What is the cost of standard 50kg bag of cement? n/a What is the price of the cheapest, newly built house by a formal developer or contractor? (Local currency) [i] 280 000 Namibian Dollars Overview What is the price of the cheapest, newly built house by a formal Namibia is a middle income country in Southern Africa, with a GDP per capita of developer or contractor? (US$) [i] US$20 896 US$5 555 at current prices in 2017, up by US$214 from 2016.1 Namibia has What is the size of this house (m2)? 35m2 been one of Sub-Saharan Africa's most politically stable countries since its What is the average rental price for this unit (US$)? n/a What is the minimum stand or plot size for residential property? [i] 300m2 independence in 1990, which has aided it in becoming one of the most attractive investment destinations in the region. Ease of Doing Business Rank [k] 106 Number of procedures to register property [k] 8 Time to register property (days) [k] 52 days Real GDP growth in Namibia was -0.8 percent in 2017, down from 0.7 percent Cost to register property (as % of property value) n/a in 2016. According to the African Economic Outlook Namibia profile (2018) and NB: Figures are for 2018 unless stated otherwise. Namibia Statistics Agency, this was due to continued fiscal consolidation by central government, which could be worsened by weak revenues from the Southern [a] Coinmill.com [b] World Bank World Development Indicators 2 African Customs Union (SACU) and limited investment in the mining sector. In [c] Bank of Namibia the first quarter of 2018, growth was recorded at -0.1 percent.3 While this shows [d] Namibia Statistics a negative picture of the economy, it is an improvement from the 2017 average. [e] UNDP Development Indicators [f] Namibia Financial Stability Report https://www.bon.com.na Subdued growth in 2017 followed a period of impressive growth. Public debt still [g] First National Bank Namibia stands at 44.3 percent of GDP. Inflation was 6.2 percent in 2017.4 This is set to [h] Numbeo decrease following better crop production after the drought.5 Real GDP growth [i] National Housing Enterprise [j] Institute of Public Policy Research is projected to reach 1.1 percent in 2018 and 2.9 percent in 2019 due to a [k] World Bank Doing Business projected increase in agriculture and mining production and the manufacturing sector.6 Agriculture and extractive industries are the main sectors driving growth in Namibia with mining contributing 20.6 percent to GDP. settlements.9 The unavailability of serviced land has been flagged as one of the The bulk of Namibia’s imports (vehicles, machinery, food products and other key challenges facing housing development. In response, a target has been set to consumables), at 56.2 percent, are sourced from South Africa followed by Zambia service 26 000 new residential plots by 2019, with an estimated allocation of at 7.0 percent and China at 5.9 percent. According to the African Economic N$915.2 million for 2018/19 and N$1.4 billion in 2019/20.10 The 2018/19 Outlook, Namibia’s key exports include diamonds, copper cathodes, fish, copper medium-term budget allocates 9.2 percent of the budget to housing and land.11 ores and zinc. Key export destinations are South Africa at 26.7 percent and Botswana at 13.3 percent. The Namibian dollar is pegged to the South African Access to finance Rand and monetary policy to contain inflation. This leaves the Namibian economy The Bank of Namibia, Namibia’s Central Bank, regulates all banking activity in the highly vulnerable to shocks in the South African economy as well as the Angolan country. Insurance companies and microlenders are regulated by the Namibia and Zimbabwean economies. Financial Institutions Supervisory Authority (NAMFISA). There are eight licensed commercial banks in Namibia: Bank Windhoek Limited, First National Bank The provision of affordable housing falls within the Support to Planning, Namibia Limited, Nedbank Namibia Limited, Standard Bank Namibia Limited, Infrastructure and Housing Programme under the mandate of the Ministry of Trustco Bank Namibia Limited, Banco Atlantico, Bank BIC Namibia Limited and Urban and Rural Development responding to the Harambee Prosperity Plan’s Letshego Bank Namibia Limited. First National Bank Namibia Limited, Standard pillar of social progression.7 In addition, Namibia’s fifth National Development Bank Namibia Limited, Nedbank Namibia Limited and Bank Windhoek Limited Plan has the following targets: to reduce the percentage of Namibians living in dominate, with all the other banks being fairly new entrants into the Namibian impoverished houses to 12 percent (which is currently growing at 14.2 percent banking sector. These four banks collectively made up 98.9 percent of the total year-on-year)8; to service 6 500 erven by 2022 and to upgrade two informal banking assets in 2017, growing from 98.0 percent in 2016.12 205 According to the NAMFISA quarterly statistical bulletin, there were 7 056 being N$35 000 (US$2 612). The loans are repayable within a period of 11 years registered non-banking financial institutions as at Q4 2017 which includes at an annual interest rate of about six percent and a monthly charge of five percent. 138 pension funds and 317 microlenders.13. There are 333 179 members of the pension funds in Namibia with a net income of N$13 424 million (US$1 billion). Affordability Forty-four percent of investment from pension funds is invested in Namibia and Literacy levels are significantly high at 87 percent of the population aged 15 years 2.2 percent is invested in property. Microloans are divided into term loans and and over.22 The Gini coefficient has decreased over the years to 0.56 indicating payday loans. Term loans refers to loans provided for between six and 60 months reduced levels of inequality. The proportion of households considered poor (not and payday loans are loans provided on a monthly basis and repayable within 30 able to afford US$38 on basic needs per month) has decreased by 2.1 percent days. The total value of the loan book for microlending at the end of 2017 was from 2009/10 to 2015/2016 to 17.4 percent, but the number of severely poor N$5 460 million (US$407 million), of which 98 percent was allocated to term households (not able to afford US$29 per month on basic needs) increased by loans. There are 30 913 term loans and 147 397 payday microloans. The average 1.1 percent to 10.7 percent. This indicates that almost 30 percent of the loan size for term microloans is N$23 777 (US$1 775) and for payday microloans population needs support. this is N$1 620 (US$121).14 The key sources of income are salaries and wages at 53 percent, followed by According to the Namibia Statistics Agency GDP Q1 2018 report,15 the financial pensions at 11 percent, subsistence farming at 10.6 percent, grants at 9.6 percent, intermediation sector experienced slow growth at 1.4 percent in real value added and business income at 9.1 percent. There are 125 425 households with in the first quarter of 2018, 0.4 percent less than the same quarter in 2017. This outstanding debt in Namibia, which makes up 23 percent of the household was mainly due to the insurance sub-sector. The banking sector, however, population with 70 percent of this debt in urban areas. Debt in the form of bonds increased by 0.4 percent in real value added in Q1 2018 compared to Q1 2017. makes up just over five percent, indicating that about 6 300 households have an This growth is due to the “improvement in the overall liquidity position of banks”16 outstanding bond. The average household consumption in Namibia per annum is from Q1 2017 to Q1 2018. Bank deposits grew by 5.9 percent from Q1 2017 N$119 065 (US$8 885) and the average annual per capita consumption is to Q1 2018 to N$91 060 million (US$6 795 million). N$28 434 (US$2 121). Households in Namibia spend most of their income on food and beverages (36.3 percent). This is sharply followed by housing at 31.8 Commercial banks in Namibia are generally regarded as well-capitalised and percent, making up N$20 103 million (US$1 500 million) of total annual household profitable. Although the banks appear to be healthy, they are nevertheless exposed expenditure. to risks such as credit risk arising from household mortgages. According to the Bank of Namibia’s Financial Stability Report, the ratio of household debt to disposable According to the December 2017 First National Bank (FNB) Namibia Housing income was 83.3 percent at the end of 2017, down by 1.2 percent from 2016. This Price Index, the median house price for 2017 was N$1.1 million (US$82 089) up was due to the contraction in instalment credit and mortgage lending to households, from N$850 000 (US$63 432) in 2016. Just over 20 percent of households live the same as the previous year. Household debt in Namibia is mainly made up of in impoverished housing. House prices for the small, medium and large segments mortgage lending at 51.5 percent of the total loan book,17 of which 38 percent is range accordingly (based on data from the Namibia Financial Stability Report): towards residential mortgages.18 The concentration of lending in mortgages heightens the banking sector’s vulnerability to shocks in the property market. n Small: N$448 000 (US$32 432) ≤ value

According to the 2018 Namibia Financial Stability Report, while house price The cost of a 50kg bag of cement is US$7.5. The unemployment rate was inflation decelerated by 1.4 percent from 2016 to four percent at the end of 2017, recorded at 34 percent in 2016, a 6.6 percent increase from 2014, indicating a the stability of the financial system is not under threat currently. This is due to a decreasing labour force and lack of employment opportunities both of which variety of factors such as sustained demand for housing supply (coupled with slow impact on housing affordability levels.24 delivery) and maximum loan-to-value regulation for secondary properties.20 The Financial Stability Report predicts a more stable housing market in Namibia with Housing supply an increased supply of housing and a slower rate of price increase. Based on the 2016 Income and Expenditure Survey, 17 percent of households have title deeds, 4.4 percent have leasehold certificates, 12.4 percent have land The International Monetary Fund (IMF) (2018) indicates that house prices are right certificates, and 22 percent of properties are rental. Key stakeholders in the 21 overvalued by about 10 percent from 18 percent three years ago. This, coupled Namibian housing supply market include government, civil society and the private with a house price index that far outperformed the consumer price index from sector. 2010 to end of 2017, has also raised concern for the market and banks’ mortgage exposure. In addition, it's important to note is that there has been increased The National Housing Enterprise (NHE), a state-owned company under the Ministry pressure on households’ disposable income in the light of a slowing economy and of Urban and Rural Development, is responsible for housing delivery and access to the impact of the economic slowdown in South Africa. housing finance in Namibia in line with the Harambee Prosperity Plan and the 5th National Development Plan to provide 5 000 of the 20 000 housing delivery target The infrastructure to facilitate mortgage lending is fairly well-developed. The in the next four years. In addition, 46 622 houses need to be delivered by the NHE World Bank’s 2018 Doing Business Report scores Namibia seven out of a possible based on the Vision 2030 strategy. The NHE has in the past been tasked to deliver eight on the “depth of credit information” index, as the country now has four the Mass Housing Programme, which has only delivered 1 500 houses and there private credit bureaus. This score is well above the Sub-Saharan Africa score of are still 87 000 people on the NHE waiting list.25 The NHE indicates the main three out of eight. In 2016, Namibia improved access to credit information by challenges facing the industry include lack of serviced land, land tenure and property guaranteeing by law borrowers’ right to inspect their own data. Namibia scores rights issues, limited financial resources, and a growing demand in the face of a high in ease of getting credit, ranking 68 out of 190 countries in 2018, down six 110 000 housing backlog.26 The NHE targets households earning a maximum of places from 2017. N$30 000 per month and individuals earning a maximum of N$20 000 a month with a variety of housing finance products offered. The maximum loan size offered Microlending for housing purposes is on the rise through organisations such as is N$600 000, including transfer and registration fees at prime plus one percent over the Shack Dwellers Federation of Namibia (SDFN), providing building loans 20-30 years.27 Some of the projects underway include: construction of 200 houses ranging from N$30 000 (US$2 238) to N$45 000 (US$3 358) with the average at Oshakati at approximately N$500 000 (US$37 313); construction of 135 houses 206 Africa Housing Finance Yearbook 2018

NAMIBIA

Annual income profile for rural and urban households based on consumption (PPP$)

PPP$40 001 – PPP$10 000 000 PPP$24 530 Population: 2 280 716 PPP$23 001 – PPP$40 000

PPP$12 001 – PPP$23 000 Urbanisation rate: 4.25% PPP$8 001 – PPP$12 000 PPP$21 716 PPP$5 001 – PPP$8 000 Cost of cheapest 280 000 NAD newly built house: PPP$42 424 PPP$3 601 – PPP$5 000 PPP$2 401 – PPP$3 600 Urban households that could afford this 48.02% PPP$1 601 – PPP$2 400 house with finance: PPP$801 – PPP$1 600 6.6 Namibian 1 PPP$:

- - - Average annual household income needed for the cheapest newly built house by a formal developer, 2017 Average annual household income using expenditure, 2017 (PPP$) Source https://www.cgidd.com/ in Rundu (a joint venture with Salami Island Investments) with houses estimated to housing units for example.32 Government generally provides land, and partners be below N$500 000; and 50 houses in Omuthiya. provide technical expertise and financing. In addition, various private organisations have housing planned for Namibia. These include Trustco and Groot Systems, a According to the Development Bank of Namibia (DBN) 2017 Annual Report, The Namibia-based investment company. Groot has two housing projects planned for DBN, which is responsible for financing development infrastructure, has provided Namibia: Trotwood Suburb with 320 units planned and valued at US$32.6 million, financing for the servicing of 498 erven (N$114 million or US$8.5 million) and to start in September 2018 with house prices ranging from N$29 000 for the construction of 736 housing units (N$436 million or US$32.5 million) in (US$22 014) to N$750 000 (US$55 970); and Westerville Township with 3 000 28 Namibia to address the need for affordable land and housing. units planned at a value of US$30 billion.

Ndhlovu and Remmert (2018) indicate that the three main civil society groups Property markets active in Namibia are SDFN, the Namibia Housing Action Group (NHAG) and According to the World Bank’s 2018 Doing Business Report, Namibia ranks 175 29 Development Workshop Namibia. However, SDFN is the only group actively out of 190 countries for ease of registering a property, a drop from 2017’s ranking providing houses and housing finance supported by NHAG, acting as a community of 174. On average the eight procedures involved in registering a property (higher savings scheme. The Ministry of Urban and Rural Development has allocated than the Sub-Saharan Africa number of 6.2 days) still take 52 days and cost 13.8 US$7 million to SDFN for this financial year and US$10 million for next financial percent of the property value. In comparison to Sub-Saharan Africa, the time to 30 year. Thus far, the SDFN has constructed over 4 000 houses. register property in Namibia is lower by 7.2 days and higher in terms of cost of registering property, indicating the need for improved efficiency to offer The Otjomuise project is implemented by the NHE and the City of Windhoek. competitive advantage. The quality of land administration for reliability of Igen Africa has been appointed project manager and is partnering with the South infrastructure, transparency of information, geographic coverage, land dispute African division of Calgro M3 and Namibian Contractor, Afrikuumba. The project resolution and equal access to property rights ranks 8.5 out of 30 (with 30 being amounts to approximately N$1 billion (US$74.6 million). Extension 10 has begun the best score), slightly lower than the Sub-Saharan average of 8.6 and much lower with 364 two to three-bedroom units built out of 3 600 planned over three than Mauritius and South Africa which rank 17.0 and 13.5 respectively. phases, including provision for social facilities. The cost of transfer and registration of full title residential property in 2018 The private sector continues to engage with the demand for affordable housing. remains the same as 2017, averaging 1.6 percent of the purchase price.33 When To this end, Ohorongo Cement, FNB Foundation and Pupkewitz Foundation the municipality serviced its own erven, it could offer subsidised plots to poorer partnered with SDFN for the construction of houses for low income families in residents for as little as N$6 900 for a 300 m2 erf. The cost of servicing the plots early 2016, by pledging N$3 million (US$ 223 880) to SDFN and NHAG in March was a mere N$69.35 per m2. They were then sold at a subsidised rate of N$23/ 2016. Thus far 292 houses have been constructed in the Hardap region. Houses m2, but in some areas plots were being sold by private developers at a cost of cost about N$32 000 each to build and beneficiaries pay off this cost over 11 to N$505 000 for a 600m2 erf, effectively placing it beyond the reach of those 20 years at a five percent interest rate. Nine housing groups were formed with households most in need.34 The same sentiment is expressed by the National 328 members, making this partnership particularly important because the local Planning Commission of Namibia in that there is a perception that stakeholders community (mainly women) were capacitated in the process to make bricks and inflate house prices to maximise profits.35 excavate the foundations of their homes. The average time on the market for properties in Namibia is 24 weeks and four In July 2017, Trustco Properties launched the Ombala Estate, offering affordable days, much higher than the South African average of 14 weeks in Q1 of 2018.36 two-bedroom and one-bathroom homes targeted at joint monthly incomes of This was significantly lower for the low and middle income market segments at N$35 000 (US$2 612). Serviced plots starting at 300m2 for the affordable market 13 and 22 weeks respectively, indicating a greater demand in these segments. are available, spanning a total area of 130 103m2. The starting price for a plot and plan is N$689 000 (US$51 418), which includes the transfer and conveyancing Namibia has a history of exorbitant house price inflation; however, the market is costs. Trustco Bank offers financing. correcting itself as there has been constant contraction in house price growth.37 The average house price dropped to N$1.1 million over the past year (with declines There are various plans by government through public private partnerships to in prices seen mostly in the higher income segments) and is expected to grow at construct housing as well as to service land for housing in the near future. between five and six percent in 2018.38 According to Nambhu (2018), one of the Examples include investment earmarked by Helao Nafidi Town Council, which is key reasons for the drop in house prices is the new supply of serviced land in the putting aside US$0.8 million for housing. City of Windhoek aims to service 300 affordable housing market.39 Prices in the lower income segment have grown by erven by 2019 in Rocky Crest31 and invest US$11 million in 1 200 affordable 3.4 percent year-on-year.40 Housing supply is growing at 4.9 percent year-on-year.41 207 August 2018).

According to the FNB Housing Index, December 2017, housing transactions were The National Housing Enterprise Act, No 5 of 1993 covers the NHE, which is tasked up 16.2 percent in 2017, mainly driven by new supply in the affordable housing to provide financial assistance through the delivery of affordable housing and credit segment. The FNB Housing Index predicts slowing demand in the middle to higher facilities in the form of housing loans to low and middle income households. income segments and that increased mass housing supply in the lower income The Namibia Financial Institutions Supervisory Authority Act, No 3 of 2001 was segment will target backlogs.42 The same trend has been seen for rentals. put in place to establish an Authority to exercise supervision over the business of financial institutions and over financial services. The Namibia Estate Agents Act, Policy and regulation No 112 of 1976 was established to provide for the establishment of an Estate Two key changes to the regulatory environment in Namibia over the past year Agency Affairs Board. The Pension Fund Act, No 24 of 1956 makes provision for have been the loan-to-value regulation under the Banking Institutions Act, 1998 registered pension funds to be used as a guarantee. (Act No.2 of 1998) for non-primary residential properties Namibia to promote responsible borrowing, “reduce concentration risk for commercial banks” and The Sectional Titles Act, No 2 of 2009, came into operation in December 2014. “promote preferential access to housing for first time home buyers”,43 and the The Act does away with limitations and shortcomings that restricted development, Urban and Regional Planning Bill (Bill 13 of 2017). access to land and property. The Deeds Registry Act, No 47 of 1937 (amended) and the Registration of Deeds in Rehoboth Act, No 93 of 1976 (amended), The National Development Plan (NDP) was adopted as a medium-term plan provide for registration of all freehold titles at central registries maintained in after the launch of Vision 2030. Following five reviews of the original plan, the Windhoek and Rehoboth. NDP5 was launched in 2017. Speaking at its launch, the Namibian president said housing, especially affordable housing, remains a major developmental challenge Opportunities in the country. While the commitment to improve housing conditions in Namibia is prevalent, with renewed effort and commitment from government, there is a need to The National Housing Policy, revised in 2009, guides all actions taken by the stimulate increased involvement by the private sector. Momentum is picking up Directorate of Housing and guarantees the right to a house, especially for the and a number of public private partnerships are being undertaken, with increased formerly disadvantaged groups of the society. In addition, the Harambee Prosperity interest in, and supply of, serviced land and affordable housing. The general housing Plan aims to deliver 20 000 houses by 2020 and 26 000 serviced plots of land. demand is known and inflated and speculative house prices are decreasing, leading to market correction. Importantly, the new loan-to-value regulation targeting non- There is a new Urban and Regional Planning Bill, Bill 13 of 2017, aimed at primary residential property will ensure financial stability. Increased exports and transforming the spatial planning sector by introducing a better planning system a slow yet steady recovery of the economy is expected (according to the IMF, for fast-tracking the provision of affordable housing and well-planned areas. 2018)44 as mining production increases, construction stabilises and manufacturing recovers. This will increase employment and affordability. The Agricultural (Commercial) Land Reform Act, No 6 1995 provides for government acquisition of agricultural land for purposes of land reform and Additional sources redistribution. The National Resettlement Policy of 2001 and the Affirmative Bank Windhoek (2017). Bank Windhoek announces new interest rates. Action Loan Scheme are designed to resettle landless households on land acquired www.bankwindhoek.com.na (Accessed 29 July 2018). under the Agricultural (Commercial) Land Reform Act. Mhunduru, E.N. (2017). LTV regulation to curb mortgage lending dominance on loan books. http://www.observer.com.na/index.php/business/item/8015-ltv- The Communal Land Reform Act, No 5 of 2002 regulates the powers of regulation-to-curb-mortgage-lending-dominance-on-loan-books (Accessed 4 traditional authorities over communal land. The Land Boards grant, record, and August 2018). cancel land rights in consultation with the traditional authorities. National Planning Commission (2018). Status of the Namibian Economy. http://www.npc.gov.na/ (Accessed 5 August 2018). The National Housing Development Act, No 28 of 2000 establishes a National Nunuhe, M. (2018). The housing bubble bursts: House prices in Namibia take a Housing Advisory Committee, which is responsible for establishing a Housing dip. https://southerntimesafrica.com/site/news/the-housing-bubble-bursts-house- Revolving Fund by local authority councils and regional councils. The Local prices-in-namibia-take-a-dip (Accessed 4 August 2018). Authorities Act, No 23 of 1992, section 57 to 62 deals with Housing Schemes. The World Bank (2018). Doing Business Indicators: Namibia. http://www.doingbusiness.org/en/data/exploreeconomies/namibia# (Accessed 4

1 Namibia Statistics Agency (2018). Preliminary National Accounts, 2017. 15 Namibia Statistics Agency (2018). Gross Domestic Product: First 29 Ndhlovu, P. and Remmert,D. (2018). https://nsa.org.na/ (Accessed 21 July 2018). Quarter 2018. https://cms.my.na/assets/documents/First_Quarter_GDP 30 Namibian Broadcasting Corporation (2018). First lady hands over 2 African Development Bank (2018). 2018 African Economic Outlook: _2018.pdf (Accessed 5 August 2018). houses to Shack Dwellers Federation at the coast. https://www.nbc.na/ Namibia. https://www.afdb.org/ (Accessed 15 July 2018). 16 Namibia Statistics Agency (2018). Gross Domestic Product: First (Accessed 5 August 2018). 3 Namibia Statistics Agency (2018). Media Release: Update on Economic Quarter 2018. Pg. 28. 31 De Klerk (2018). Development in Rocky Crest. http://www.we.com.na/ Statistics. https://cms.my.na/assets/documents/TSB_and_GDP_Q1_2018 17 Bank of Namibia (2018). Financial Stability Report. (Accessed 5 August 2018). _Press_statement.pdf (Accessed 29 August 2018). https://www.bon.com.na/CMSTemplates/Bon/Files/bon.com.na/99/998aa 32 Iikela, S. (2018). City plans N$148m housing project. 4 Bank of Namibia (2017). Annual Report. 419-7411-4e75-8024-24ffa12abc23.pdf (Accessed 6 August 2018). Also: https://www.namibian.com.na/ (Accessed 4 August 2018). https://www.bon.com.na/CMSTemplates/Bon/Files/bon.com.na/92/92d10 International Monetary Fund (2018). IMF Country Report No. 18/56: 33 Based on calculations from Sauls Jacobs & Co. Law Firm. 6b2-a920-4168-be80-ec1645e42e95.pdf (Accessed 5 August 2018). Namibia. https://www.imf.org/~/media/Files/Publications/CR/2018/ 34 Lennon, J. (2018). How Namibia’s housing shortage became a 5 African Development Bank (2018). cr1856.ashx (Accessed 20 July 2018). humanitarian crisis. https://medium.com/@Jade_Lennon/how-namibias- 6 Ibid. 18 Bank of Namibia (2018). Financial Stability Report. housing-shortage-became-a-humanitarian-crisis-eef05ba14b9b 7 The Harambee Prosperity Plan is Namibia’s nationally adopted https://www.bon.com.na/CMSTemplates/Bon/Files/bon.com.na/99/998aa (Accessed 4 August 2018). development programme from 2016 – 2020. 419-7411-4e75-8024-24ffa12abc23.pdf (Accessed 6 August 2018). 35 National Planning Commission, Republic of Namibia (no date). Special 8 Kalili, N. (no date). Namibian Housing Market: FNB Namibia Holdings. 19 Bank of Namibia (2018). Pg. 13. Programmes: Housing Sector. http://www.npc.gov.na/?page_id=424 http://www.unam.edu.na/sites/default/files/state_of_housing_market.pdf 20 Bank of Namibia (2018). Pg. 34. (Accessed 4 August 2018). (Accessed 30 August 2018). 21 International Monetary Fund (2018). Namibia: Financial System Stability 36 First National Bank (2018). Property Barometer. https://cdn.ymaws.com/ 9 National Planning Commission, Republic of Namibia (2017). Namibia’s Assessment. https://www.imf.org/en/Publications/CR/Issues/ www.saiv.org.za/resource/collection/B70457DF-B11F-442D-94B2- Fifth National Development Plan. http://www.npc.gov.na/ (Accessed 2018/03/15/Namibia-Financial-System-Stability-Assessment-45723 8B1BF7C28C2F/FNB_Property_Barometer_Price_Realism_and_Market 1 September 2018). Pg. 68. (Accessed 5 August 2018). _Balance_9_April_2018.pdf (Accessed 4 August 2018). 10 Ministry of Finance (2017). Medium Term Expenditure Framework 22 Namibia Statistics Agency (2018). Namibia Household Income and 37 Nambashu, J. (2018). House Prices Fall Again. http://www.property.com. 2017/18-2019/20. https://www.bon.com.na/CMSTemplates/Bon/ Expenditure Survey 2015/16 Report. https://cms.my.na/assets/ na/blog/house-prices-fall-again (Accessed 4 August 2018). Files/bon.com.na/90/901e521e-2cd3-414b-b4a3-cca346947dc8.pdf documents/NHIES_2015-16.pdf (Accessed 5 August 2018). 38 Matthys, D. (2018). House prices to grow by 5% - FNB Housing Index (Accessed 19 July 2018). 23 Hartman, A. (2016). Swakop’s Balancing Act with Land. Forecast. https://economist.com.na/33022/markets/house-prices-to- 11 National Planning Commission Namibia, Republic of Namibia (2018). https://www.namibian.com.na/ (Accessed 5 August 2018). grow-by-5-fnb-housing-index-forecast/ (Accessed 4 August 2018). Development Programmes Estimates of Expenditure: Medium Term 24 National Planning Commission Namibia, Republic of Namibia (2018). 39 Nambashu, J. (2018). Expenditure Framework 2018/19-2020/21. Development Programmes Estimates of Expenditure: Medium Term 40 Nambashu, J. (2018). http://www.npc.gov.na/?wpfb_dl=309 (Accessed 4 August 2018). Expenditure Framework 2018/19-2020/21. 41 Kalili, N. (no date). 12 Bank of Namibia (2017). 25 Nampa (2018). NHE Warms Non-performing Contractors. 42 First National Bank (2017). FNB Residential Property Monthly. 13 Namibia Financial Institutions Supervisory Authority (2017). Quarterly https://www.namibian.com.na/ (Accessed 5 August 2018). https://www.fnbnamibia.com.na/downloads/namibia/housingIndex/Housin Report Namfisa: Fourth Quarter. https://www.namfisa.com.na/wp- 26 National Housing Enterprise (2017). National Housing Enterprise Strategy gIndex201712.pdf (Accessed 4 August 2018). content/uploads/2018/06/Quarterly-Statistica-Bulletin-2017-Q4-1.pdf 2017/18-2022/23. http://www.nhe.com.na/ (Accessed 5 August 2018). 43 Bank of Namibia in Mhunduru, E.N. (2017). (Accessed 24 July 2018). 27 Ndhlovu, P. and Remmert,D. (2018). 44 International Monetary Fund (2018). IMF Country Report No. 18/56: 14 Namibia Financial Institutions Supervisory Authority (2017). 28 Development Bank of Namibia (2017). A nnual Report 2017. Namibia. https://www.imf.org/~/media/Files/Publications/ http://www.dbn.com.na/index.php/publication-home/annual- CR/2018/cr1856.ashx. (Accessed 20 July 2018). 208 reports/file/147-dbn-annual-report-2017 (Accessed 5 August 2018).