The City of Windhoek has approved 219 building plans worth N$156.3 million in February, representing a 24.4% m/m increase from the 176 building plans approved in January, latest statistics show.
Year-to-date 395 building plans worth N$285 million have been approved by the municipality, a 15.2% y/y and 14.9% y/y in value terms increase.
On a twelve-month cumulative basis, 2 503 buildings with the value of N$2 billion have been approved, an increase of 8.9% in number and 18.6% in value terms over the prior 12-month period.
Additions to properties worth N$76.8 million were approved during the period under review, with the value of the additions approved 8.8% higher than during the same month last year.
At the same time, 104 additions valued at N$20.6 million were completed during the month.
Plans for 83 new residential units N$76.2 million were approved in February, 9 more than in January.
On a year-on-year basis the value of residential units approvals is however 17.9% lower than registered in February 2021 and on a 12-month cumulative basis, the number of units approved increased by 17.5% y/y to 860.
New residential units worth N$32.6 million were completed in February.
4 new commercial units valued at N$3.6 million were approved in February by the City compared to 3 units valued at N$505,000 approved in February 2021.
“Year-to-date there have been 7 commercial building approvals valued at N$8.8 million, which translates to a 75.0% y/y increase in number and 17.0% y/y increase in value terms compared to the same period last year. These increases are from an evidently low base low base. On a rolling 12-month perspective, the number of commercial and industrial approvals increased to 40 units worth N$172.7 million, compared to the 26 approved units worth N$180.8 million over the corresponding period a year ago. No commercial and industrial units were completed in February.,” IJG Securities said.
“Residential approvals have recorded a decent recovery in 2021 following the slowdown in 2020, but has too stagnated at current levels on a 12-month cumulative basis in both number and value terms since April last year. As pointed out last month, the number of commercial and industrial approvals continues to trend in the low single digit territory and in value terms, commercial approvals have remained below the N$200 million mark on a cumulative 12-month basis for the last 13 months.”
