The property industry remains resilient despite challenges – Chapman


Bank Windhoek’s Executive Officer of Retail Banking Services and Specialist Finance, James Chapman, said that in 2022 Bank Windhoek financed 185 transitions to the value of 135 million in the northern region. He pointed out that Rundu accounted for 71 of the 185 transactions and contributed N$55 million of the total N$135 million overall value. 

Chapman shared this information during his keynote address at the Bank Windhoek Annual Northern Estate Agents Awards ceremony hosted in Oshakati on Thursday, 27 April 2023.

During the awards ceremony, the Bank announced Georgina Tjingaete of Jolly T. Real Estate, Timoteus Iita from Regent Real Estates and Simeon Iita from Hippo Real Estate as the top three agents for the northern region. 

Tjingaete also won the gold award as the estate agent with the highest volume of transactions. Simeon Iita and Timoteus Iita scooped up the second prize. Roswitha Haingura - Hilundwa, Ottilie Alfeus and Menethe Nikodemus shared the third accolade.  

A tough year – overcoming challenges

Chapman reminded the estate agents that the Bank understands that it has been a tough year overall, especially considering the floods experienced in the north earlier this year. “On the economic front, we are facing challenging times. Such as high inflation and the continued pressure on households,” said Chapman. “The residential property market is susceptible to interest rate adjustments of which we have seen quite a few upward adjustments lately.” 

Chapman also pointed out that the scarcity of serviced land and expensive building materials are some of the challenges experienced by the property industry. However, he said that the property industry remains resilient despite all the challenges and has stood the test of time. 

Tjingaete and Simeon Iita agreed with Chapman that it was a challenging year for the property industry and that they did their best to make it work. Elvis Hambabi, who spoke on behalf of Timoteus Iita, said that the year was also difficult with many challenges and that they tried their best to make it through.

As for business methods, Tjingaete said she uses social media platforms such as WhatsApp and Facebook to advertise houses. Simeon Iita said he always works hard to improve his previous performance. 

Providing good customer service

The estate agents thanked Bank Windhoek for recognising them. They said the initiative gives them motivation to continue working hard. Simeon Iita said the Bank is the best in the country. “It must keep on doing good service,” he said. Tjingaete, who operates from Rundu, added that she has a great relationship with the Bank's staff members in her town. “Thank you to Bank Windhoek for doing a great job,” she said. 

Bank Windhoek’s Annual Estate Agent Awards recognises residential and commercial estate agents, agencies and developers from the northern, central and coastal regions for their commitment, loyalty and support to Bank Windhoek and its customers. The northern event completed the 2023 edition. 

Chapman concluded by thanking the estate agents for choosing Bank Windhoek as their preferred financial service provider. "Bank Windhoek prides itself on being a relationship bank," he said. 


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