The home to the hottest housing market in the world might surprise you. It sounds like New York City: extreme competition and tight inventory driving up prices, often leading to bidding wars. But this isn’t NYC; it’s the southern African country of Namibia.
In recent years, a combination of housing crises, professional migration for jobs in the mining and financial-services industries, and a boom in infrastructure have led to one of the most fierce housing markets in the world in Windhoek, Namibia’s capital city, according to the Wall Street Journal.
One problem for the Namibian market is that limited water and sewage service – with water being brought in from over 300 miles away – has made new development difficult, according to Jannie Erasmus, a real-estate agent for Andreya Pereira Properties.
In 2012, Namibia was ranked fourth globally for the biggest housing price increases, after Hong Kong, Dubai and Brazil, according to data from the South Africa-based First National Bank. And although the skyrocketing prices have somewhat eased in 2013, prices are still twice what they were six years ago. [WSJ] –Christopher Cameron