A world-class land and property developer, Craft Properties Holdings has expanded into Namibia’s property and housing development sector as it continues to grow its footprint across Southern Africa.
The company’s local subsidiary, Craft Properties Namibia, has been registered and is now in the process of recruiting a registered estate agent and appointing an audit firm, in compliance with the requirements of the Namibian Estate Agents Board.
In a statement, Craft Properties Holdings Chief Executive Officer, Professor Kudakwashe Taruberekera, said the move into Namibia forms part of a broader continental expansion strategy.
“We are excited by these latest developments. Entering the Namibian property market is the result of thorough market research, and we are confident that we can contribute meaningfully to the growth of the real estate sector in that country,” he said.
Professor Taruberekera noted that Namibia’s economic fundamentals make it an attractive investment destination.
“We are encouraged by the fact that GDP growth in Namibia has generally outpaced population growth, while average income per capita has risen significantly. These indicators present a compelling case for us to establish a presence in that market,” he added.
Namibia has made notable progress in reducing poverty levels and has been classified as a middle-income economy by the World Bank.
“All the data at our disposal indicates that the Namibian market is ripe for substantial investment. We are prepared to leverage our expertise and experience in property development to make a meaningful contribution,” he said.
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While research shows that the proportion of citizens classified as poor continues to decline, some aspects of human development have remained relatively unchanged.
Professor Taruberekera also highlighted opportunities presented by the government’s Harambee Prosperity Plan (HPP), launched in 2016, which prioritises land servicing and the provision of decent and affordable housing.
“We are aware that the HPP identifies land servicing and the delivery of decent, affordable housing as national priorities. This creates an opportunity for us to collaborate with the Government of Namibia in providing quality, affordable, and low-cost housing,” he said.
“Partnering with governments through public-private partnerships to improve housing development in communities is central to our mission.”
Urbanisation trends further strengthen the case for investment. The proportion of Namibians living in urban areas increased from 28 percent in 1991 to 48 percent in 2016, with the number of households also rising between 2011 and 2016.
“This is where Craft Properties Holdings comes in. Drawing on the experience we have gained in Zimbabwe and other countries, we are confident that we can make a significant contribution toward improving the livelihoods of low-income earners in Namibia,” he said.-hearld
