Angolan economic crisis hits Namibian property market
by Ndama Nakashole
NAMIBIAN property owners have been hit by the Angolan economic crisis as most of their tenants from Namibia's northern neighbour struggle to pay rent, and some have been forced to vacate.
Angola's economy, which heavily depends on oil revenue, has recently been hit by a crisis due to a plunge in global oil prices.
While it was difficult to get a place to rent in recent years, many places in Windhoek's central areas are empty as Angolans, who had a reputation for paying anything landlords demanded, now find it difficult to pay the rent which has steeply gone up over the years because of the artificial demand.
Many Angolans living in Namibia paid high rentals over the years as their country was awash with US dollar bills, which when converted to Namibia dollars, made high local rates appear petty.