RUSTENBURG - Senior citizens in Namibia who would normally be expected to downsize during their retirement are surprisingly buying the biggest houses, the Namibian newspaper reported, citing a report by First National Bank.
Individuals in the 20-29 age group have the smallest houses, probably because they are first-time buyers who have not accumulated sufficient wealth to buy larger properties, the newspaper quoted FNB's research manager Ruusa Nandago as saying.
The report says single women purchase lower-priced homes than single men, who are increasingly dominating transaction volumes. The average age for single women home buyers is 35 years, slightly younger than the 37-years average for men.
Compared to trends in other countries, Namibians buy houses at a much later stage in life, Nandago said.
"The average age of first-time buyers in the United Kingdom, for example, is 30 years, while in the United States of America, it is 32 years. The average age of a first-time home buyer in Namibia is declining, coming down to 38 years, the lowest it has been in nine years," she noted.