Namibia: Lüderitz property shoots up by 30% in one year – National

Lüderitz mayor Phil Balhao says residential property prices at the town have increased by 30% to 50% over the past year.

The discovery of 11 billion barrels of offshore oil in the Orange Basin has positioned Lüderitz and Oranjemund as potential hotspots for an oil and gas boom. However, the discoveries could also have a downside: a surge in housing and property prices.

What is happening at Lüderitz is consistent with similar developments in other ‘oil towns’…