December 24, 2013

In Namibia, Home Buyers Are Entering Bidding Wars for Scarce Housing -- Wall Street Journal

Nambia Home Sales | Nambia Investing

According to a recent report by the Wall Street Journal's Devon Maylie, Namibia, with a population of 2 million, ranked fourth globally in 2012 for the biggest housing price increases, after Hong Kong, Dubai and Brazil, according to South Africa-based First National Bank. Although price gains eased a bit in 2013, average prices still are double what they were six years ago. The rapid increase in property valuations is pricing many first-time buyers out of the market and increasing competition for the meager supply in the $100,000 to $300,000 bracket that is available. The average home price in Namibia today is $120,100, six times as high as the average price in 2000 of $18,800, according to the FNB data.
For more, click through this link to read Maylie's WSJ coverage in its entirety.

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