The City of Windhoek has approved 237 building plans in September worth nearly N$150 million, representing a 2.2% m/m increase from the 232 building plans approved in August.
Year-to-date, 1,904 building plans worth N$1.41 billion have been approved, 4.7% yearly higher in number terms and 0.4% higher in value terms than at the same time last year.
At the same time, 86 building plans worth N$107.5 million were completed in September.
Additions to properties once again made up the largest portion of approvals in both number and value terms.
Furthermore, 169 additions to properties were approved valued at N$57.7 million, the same number as last month, but 60.9% m/m lower in value terms.
“The month-on-month drop in the value of additions was somewhat expected given that last month’s data contained N$100 million worth of additions to the Lady Pohamba Hospital, which was an outlier. Year-to-date 1,262 additions to properties have been approved worth N$700.2 million, representing a 12.1% y/y jump in number terms and a 32.1% y/y increase in value terms. September saw 52 additions worth N$17.8 million completed, slightly down from the previous month,” IJG Securities said.
New residential units were the second largest contributor to the number and value of building plans approved.
Sixty-two new residential units were approved in September compared to the 55 recorded in August.
In value terms, N$48.6 million worth of residential units were approved during the month, representing a 19.0% m/m rise from the N$40.9 million approved in August but declining by 44.1% on a y/y basis.
Year to date, 606 residential units valued at N$568.7 million were approved, representing an 8.7% y/y drop in number terms and a 27.3% y/y decline in value terms.
“The twelve-month cumulative number and value of residential units approved fell for a 6th consecutive month on a year-on-year basis in September. 782 residential units were approved in the last twelve months to September, a 14.3% y/y decline from the 801 units approved in August,” IJG said.
In value terms, N$824.7 million worth of residential units were approved over the past 12 months, representing a 30.2% y/y drop.
Twenty-nine new residential units worth N$33.99 million were completed during September, a 78.9% increase m/m from the N$19.0 million completed in August.
Meanwhile, approvals of commercial and industrial units remained in the single-digit territory as has been the case since February 2020.
Six new commercial and industrial units valued at N$43.1 million were approved in September, the highest value recorded since October last year.
Year-to-date, 36 commercial and industrial buildings valued at N$101.1 million were approved up until the end of Q3, compared to the 29 commercial buildings worth N$94.8 million at the end of Q3 2021.
“This represents a 24.1% y/y jump in number terms and a 52.0% y/y rise in value terms. On a rolling 12-month perspective, 44 commercial and industrial buildings valued at N$220.7 million were approved in September, compared to the 37 approved buildings worth N$149.0 million over the corresponding period a year ago. 5 commercial and industrial units worth N$55.7 million were completed in September, the highest value recorded this year,” said IJG.
