WINDHOEK – The Bank Windhoek mortgage lending book for the financial year 2012/2013 increased to N$378.4 million, compared to N346 million the previous year.
This was announced by Chris Matthee, Executive Officer: Retail Banking Services at Bank Windhoek, at the annual Bank Windhoek Coastal Estate Agents Awards, which saw Remax Properties walk away with the Top Estate Agency award at the Asian-themed event held over the weekend.
“Bank Windhoek recently released its financial results for the year, which ended on 30 June 2013, and once again reported on a solid financial performance with growth of 28 percent over the previous year and total assets of N$20.6 billion. Mortgage lending, specifically residential home loans, continued to be the largest contributor to the growth in our loans and advances to customers. It is particularly pleasing to note that the loan loss rate due to bad debts decreased to a low 0.16 percent, which is well below the industry norms. This simply means that Bank Windhoek is a responsible lender and that our clients honour their repayments to the bank”, said Matthee.
The annual Bank Windhoek Coastal Estate Agents Awards, now in its 5th year, aims to give recognition to residential and commercial estate agents, agencies and developers at the coast for their commitment, loyalty and support to Bank Windhoek and its clients.
Claudia Lofty-Eaton of Remax Properties won the top award in the Commercial Achiever of the Year category, while Lorin Burger of Susan Curtis Estates won the top award in the Achiever of the Year: Residential category.
“Property remains a good investment and the demand for residential property in Windhoek and other major centres in Namibia still exceeds supply. Last year on this stage I reflected on the status of the housing market in Namibia, including the high and rapidly increasing prices of property and the slow supply of new land. Not much has changed in this regard, even the interest rates on home loans remained consistent since the rate decreased in September 2012. The demand for housing for investment purposes has not slowed down, which is evident when looking at the growth of mortgage lenders purchasing their second, third and fourth homes,” added Matthee.
He further stated: “Whereas there is a high demand from investors for housing, Bank Windhoek understands the need of young people and first-time buyers to enter the property market and own their own homes. The reality is that rental costs have increased and as such the demand for owning property has also increased. The zero percent deposit offer for property financing in the N$500 000 to N$1.5 million price bracket, coupled with stable interest rates, makes the dream of owning a home so much more affordable and accessible for the middle class, which has expanded significantly over the past few years.”
By Staff Reporter