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Namibia’s property market activity is expected to be weak in the medium, large and luxury segments, of which they are likely to control property price and volume growth, an expert said on Thursday.

First National Bank (FNB) group economist, Ruusa Nandago maintained the view that the repo rate cut in August 2019, and any future rate cuts, will not yield recovery in the property market as a rebound in the housing market will require a significant shift in macroeconomic fundamentals.

“Looking forward, we expect downside demand risks to continue to dominate, due to the erosion of household spending power. As such, property prices will remain in the red, particularly in the medium to the upper end of the market,” she added.

In the latest FNB Residential property report, the FNB House Price Index plunged further into negative territory at the end of September 2019, reaching a historic low of 5.1 percent year-on-year compared to 2 percent recorded over the same period in 2018. Enditem

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