Affordable housing: A key driver for sustainable development
Affordable housing is one of the key aspects for development in Namibia and in response to country's pressing housing needs, Old Mutual Namibia launched its Housing Fund in August 2024.
With an initial capital of N$50 million, the initiative is set to provide critical financial support for affordable housing projects, aimed at addressing the growing demand for accessible and affordable housing in the country.
The government set a national target in the Fifth National Development Plan of developing 20 000 houses over a four-year period and mandated the NHE to execute 5 000 houses of that target.
In addition, the government has tasked the NHE to build 47 622 houses by the year 2030. For this to materialise, the NHE will require at least N$375 million to build the first 5 000 houses.
The government has declared that it acknowledges each person's right to a proper living standard, including decent housing and the provision of basic infrastructure and services. The first and foremost starting point toward making this dream a reality is to provide them with affordable land. This will serve as the first catalyst and unlock access to decent housing in Namibia-a situation that remains the commitment of the government to the task of delivering affordable housing to as many Namibians as possible.
In the light of this, the reviewed National Housing Policy has an Implementation Action Plan of five years. The policy will further reinforce and scale up all collaborative ongoing actions and partnerships between the government, community-based organisations, and the private sector.
The policy gives special attention to the improvement of conditions in informal settlements and the needs of identified target groups, notably the ultra-low, low, and middle-income groups that make up approximately 88% of the section of the population in need of affordable land and decent housing.
Namibia's National Housing Policy stipulates that the Country faces a generational task of ensuring adequate housing and sanitation to over 300 000 Namibian households, with an overwhelming majority being ultra-low and low-income households that cannot afford or access the current formal housing market. Government statistics indicate that about 230 000 families live in shacks in informal settlements countrywide.
It will focus on initiatives such as the Informal Settlement Upgrade Pilot Project, expanding its affordable housing solutions to low- and middle-income families. The government has said that proceeds generated through the sale of these new houses shall be deposited in the Housing Revolving Fund, currently utilised for funding houses under the Informal Settlement Upgrading Pilot Project.
Besides being a basic need, housing is very important for the national development of Namibia. It is important that we as Namibians collectively address the housing challenges facing us as a nation. This transition starts with small savings and dedicated goal setting, combined with public and private initiatives addressing these basic needs and creating a road from a dream to hope and thus reality. Creating a better future for all.
*Christoff Bauernschmitt is the head of alternative investments at the Old Mutual Investment Group (OMIGNAM).**
With an initial capital of N$50 million, the initiative is set to provide critical financial support for affordable housing projects, aimed at addressing the growing demand for accessible and affordable housing in the country.
The government set a national target in the Fifth National Development Plan of developing 20 000 houses over a four-year period and mandated the NHE to execute 5 000 houses of that target.
In addition, the government has tasked the NHE to build 47 622 houses by the year 2030. For this to materialise, the NHE will require at least N$375 million to build the first 5 000 houses.
The government has declared that it acknowledges each person's right to a proper living standard, including decent housing and the provision of basic infrastructure and services. The first and foremost starting point toward making this dream a reality is to provide them with affordable land. This will serve as the first catalyst and unlock access to decent housing in Namibia-a situation that remains the commitment of the government to the task of delivering affordable housing to as many Namibians as possible.
In the light of this, the reviewed National Housing Policy has an Implementation Action Plan of five years. The policy will further reinforce and scale up all collaborative ongoing actions and partnerships between the government, community-based organisations, and the private sector.
The policy gives special attention to the improvement of conditions in informal settlements and the needs of identified target groups, notably the ultra-low, low, and middle-income groups that make up approximately 88% of the section of the population in need of affordable land and decent housing.
Namibia's National Housing Policy stipulates that the Country faces a generational task of ensuring adequate housing and sanitation to over 300 000 Namibian households, with an overwhelming majority being ultra-low and low-income households that cannot afford or access the current formal housing market. Government statistics indicate that about 230 000 families live in shacks in informal settlements countrywide.
It will focus on initiatives such as the Informal Settlement Upgrade Pilot Project, expanding its affordable housing solutions to low- and middle-income families. The government has said that proceeds generated through the sale of these new houses shall be deposited in the Housing Revolving Fund, currently utilised for funding houses under the Informal Settlement Upgrading Pilot Project.
Besides being a basic need, housing is very important for the national development of Namibia. It is important that we as Namibians collectively address the housing challenges facing us as a nation. This transition starts with small savings and dedicated goal setting, combined with public and private initiatives addressing these basic needs and creating a road from a dream to hope and thus reality. Creating a better future for all.
*Christoff Bauernschmitt is the head of alternative investments at the Old Mutual Investment Group (OMIGNAM).**
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