Chamwe Kaira
Oryx Properties expects the construction sector to expand, supported by mining-related and public infrastructure projects.
“Against this backdrop, the property sector is poised for gradual recovery, buoyed by improved affordability,” the company said in its results for the year ended.
Oryx projected that the Namibian economy will grow by 3.5% in 2025, moderating from 3.7% in 2024, before recovering to 3.9% in 2026.
“This outlook reflects headwinds in primary industries, particularly agriculture and mining, while tertiary sectors such as wholesale, retail, and transport are expected to remain resilient drivers of growth,” the company said.
Simonis Storm Securities projected in May that the construction sector will grow by 8.5% in 2025, making it the fastest-growing sector despite contributing only 1.4% of GDP in 2024.
The sector is expected to deliver N$4.3 billion in output, led by residential developments, commercial real estate, and state-funded infrastructure projects.
Growth is anticipated to be driven by monetary easing, increased public infrastructure investment, and renewed private sector confidence.
Oryx said it has concluded a new three-year strategic plan focused on enhancing distributions to unitholders, with nodal developments identified as a catalyst for future growth.
“These developments aim to transform urban spaces into vibrant, integrated hubs that combine residential, commercial, and recreational uses, enhancing community connectivity and economic activity. With a strengthened asset base and an active development pipeline, the group is well-positioned to make a meaningful contribution to Namibia’s built environment and deliver long-term value to its stakeholders,” the company said.
The group’s property portfolio was independently valued at N$4.7 billion, up from N$4.2 billion in 2024, by Mills Fitchet Magnus Penny.
The valuation included a positive fair value adjustment of N$96 million compared to N$341 million in 2024.
During the year, Oryx invested N$146 million in maintaining and upgrading properties, compared to N$138 million in 2024.
This included N$52 million spent on the first phase of the Maerua Mall redevelopment, N$57 million on developing Goreangab Mall, and N$37 million on maintenance costs.
“The projects are aimed at unlocking new revenue opportunities and yielding long-term benefits through increased scalability and further supporting our strategic growth ambitions,” the company said.
The property portfolio is classified as a level 3 asset, with fair value derived from valuation techniques that use inputs not based on observable market data. Discount rates, capitalisation rates, market rental growth rates, and vacancy rates were identified as key inputs in the models.
