Namibia’s per capita income rose 9.5% in 2018 alone, making it one of sub-Saharan Africa’s most dynamic economies along with Ghana, Mozambique and Nigeria.
The cost of building a house in Windhoek will be between N$19 000 and N$22 000 per square meter when using “middle-class finishes”, according to a pricing schedule drawn up by the Namibian Institute of Architects (NIA).
According to the body, houses built from concrete blocks or bricks can cost as little as N$1 600 per square meter for poor-quality finishes and up to around N$4 500 for high-end materials. This doesn’t include costs for land or site development work such as roads, drainage and water supply. The same applies to houses constructed from prefabricated units – which would normally cost between N$2 000 and N$6 500 per square meter before any improvements are done on them.
A survey conducted by Standard Bank earlier this year found that on average, low-cost housing units are selling for N$1.3 million in all regions except Rundu and Tsumeb. In Rundu, most low-cost houses sell for an average of N$750 000, while houses in Tsumeb sell for between N$350 000 and N$550 000 each. According to Standard Bank’s report, just 20% of the country’s nearly two million citizens could afford to buy such houses.
- The average cost of a house in Namibia is $1.3 million
- The average cost of a low-cost house in Namibia is $750,000
- The average cost of a middle-class house in Namibia is $2 million