Owning a house in Windhoek a pipedream …pricing, rental, affordability gaps widen

Home ownership in Windhoek is increasingly becoming the preserve of high-income earners, as soaring rental costs are leaving thousands of ordinary residents trapped in an increasingly unaffordable housing market.

This is according to economist Abraham Heita, who argues that Namibia’s housing crisis has evolved into one of the country’s most pressing economic and social challenges, and he therefore asks if the much-hyped Rent Control Board will ever materialise.

At the end of last year, the government stated it was finalising and tabling the much-anticipated rent control bill as part of its immediate priorities.

In a recent opinion piece examining Windhoek’s housing and rental market, Heita contends the debate is no longer whether residents should rent or buy, but rather whether the market still serves the majority of Namibians.

Heita believes the experiences of Windhoek residents illustrate a housing market suffering from deep structural imbalances.

“When supply is inelastic, prices rise. When incomes are low, and credit access is limited, the market becomes exclusionary,” he explained.