NBS doubles house production

Published: 22 August 2017

MORTGAGE provider, the National Building Society has produced over 3 000 houses during the first half of 2017, an amount double the units produced by the whole industry in 2016.

Last year, mortgage providers produced 1 500 low cost housing units, the chairman of the National Social Security Authority, which owns NBS Robin Vela said in an interview.

Some of the housing projects financed by the NBS include the Amalinda housing project.

"The whole of last year, the industry only produced 1 500 housing units," said Mr Vela. "This year (up to) quarter two, we had delivered 3 000 housing units, double what the whole industry produced last year. We are very bullish in terms of housing."

The NBS was set up with the sole mandate of contributing to the national housing stock and in support of the Government's ZimAsset and financial inclusion programmes. Through its solid capital base and support structure, the NBS said it is poised to be the market leader in the provision and facilitation for affordable housing developments.

The NBS said it would continue to aggressively grow market share in housing delivery through a client-centric selling approach coupled with the cross and up-selling of other products and services offered by its strategic partners and shareholder NSSA. In addition, NBS will continuously pursue innovative channels in the delivery of service to its client with a fundamental focus on enabling convenience and affordability.

The NBS business structure is geared towards the creation of a one-stop-shop financial powerhouse through the wider range of products and services. Zimbabwe is experiencing phenomenal demand for housing in all its forms and sectors; from high, medium to low density residential. For instance, the housing backlog in Harare is estimated at 200 000 with 165 000 people registered on council's housing waiting list.

The housing shortage is estimated at 1,25 million units which translates to a national backlog of five million citizens or more than 40 percent of total population. These housing problems resulting from constrained formal housing finance and public capital funding streams.
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