The national conversation about Namibian housing keeps returning to a single number: the average house price. First National Bank’s Namibia House Price Index put the national weighted average house price at roughly N$1.44 million in the first quarter of 2026, up from N$1.34 million a year ago. But the question Namibia keeps asking, whether houses are too expensive, is only half the problem. And there is the underlying market value, what the property would genuinely fetch from a willing, informed buyer under normal conditions. The gap between what they still owe the bank and what the house will fetch is negative equity.