The world’s hottest real estate market might be in Namibia

TRD New York /
Dec.December 22, 2013 02:00 PM

 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

 

Related Articles

arrow_forward_ios
Ronnie Wood and his London home (Getty, Milton Stone)

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse

Rolling Stones guitarist Ronnie Wood lists colorful London townhouse
Bozeman, Montana

Montana’s real estate market shows no signs of cooling heading into winter

Montana’s real estate market shows no signs of cooling heading into winter
French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate

French buyers are gobbling up prime London real estate
Opendoor CEO Kevin Wu, Daniel Morillo and Ken Griffin (Getty; Opendoor; LinkedIn)

Opendoor hires CIO from Ken Griffin’s Citadel

Opendoor hires CIO from Ken Griffin’s Citadel
(Getty)

Manhattan rents fall below $3,000 for first time since 2011

Manhattan rents fall below $3,000 for first time since 2011
Data on third quarter CRE investments suggests a nationwide improvement, but Manhattan has been slow to recover (iStock)

NY falls behind Dallas, LA in CRE investment as deals surge nationwide

NY falls behind Dallas, LA in CRE investment as deals surge nationwide
Existing home sales rose again in September as listed inventory sunk to a new low. (iStock)

Existing homes sales remain high, but inventory is “historically low”

Existing homes sales remain high, but inventory is “historically low”
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...