WINDHOEK, Feb. 24 (Xinhua) -- Namibia's rental market continues to bottom out though at a moderate pace, an expert said on Monday according to data from First National Bank (FNB) of Namibia.
FNB Rental Index as of December 2019 shows a contraction of 0.8 percent, reflecting a steep improvement from the 8.6-percent contraction recorded over the same period in 2018, said Frans Uusiku, a market research manager of FirstRand Namibia, a financial services company and a holding company of the FNB Namibia group of companies.
The continued recovery in the rental index growth is supported by price pressures stemming from the 2-to-3-bedroom segments, he added.
Uusiku said the Namibian housing market is still in a stable state and could improve further along with the expected improvement of economic conditions.
"We, therefore, expect rental prices growth to mark a positive territory in the first quarter of 2020 before it stabilizes along its long-term sustainable growth path," he added.
