The City of Windhoek has over the past 10 months approved a total of 1,804 building plans, collectively valued at N$1.6 billion, latest data reveals.
In its latest report, Simonis Storm Securities revealed that the building plans approved are a noticeable reduction, decreasing from 2,306 plans with a total value of N$2 billion in contrast to the prior period last year.
In October 2023, the City of Windhoek approved 197 building plans, an increase of 22 from September, marking a monthly growth rate of 12.6% month-on-month (m/m).
Similarly, this was a 29.6% year-on-year (y/y) decrease compared to October 2022, the total value of these approvals was N$303.5 million, down from N$400.7 million in September 2023.
“A breakdown of the 197 approved plans for October 2023 reveals that 152 plans pertain to additions, five are commercial building plans, 22 are designated for new residential properties, 17 are for walls, and one is allocated for a pool,” said the firm’s researcher Halleluya Ndimulunde.
Completed building projects in the City of Windhoek rose to 56 in October 2023 from 49 in the previous month, marking the fourth-highest count for the year.
The total value of these projects reached N$43.5 million. Additionally, the City of Windhoek received 171 project submissions in October 2023, the lowest since January 2023, indicating a potential slowdown in new project initiations.
Meanwhile, in October 2023, Windhoek and Swakopmund combined saw 268 building plans approved, valued at N$333.2 million.
“This represents a 7.6% m/m decrease and a 19.0% y/y decline in approvals, completed projects for the month reached 180, making it the year’s second-highest monthly total and signifying an 89.5% y/y increase from the same month last year,” Ndimulunde said.
The Swakopmund municipality granted approval for 71 building plans, signifying a notable decrease from the 115 approvals reported in September 2023, reflecting a substantial contraction of 38.3% m/m.
However, the firm noted that in a year-on-year comparison, there was an increase from the 51 approvals recorded in the corresponding period, demonstrating a growth of 39.2% y/y.
“The approved building plans in October 2023 achieved a combined value of N$29.7 million. This total comprises 69 new residential plans valued at N$29.01 million, one institutional plan at N$247.1 thousand, and one commercial building plan at N$333.9 thousand,” she said.
Conversely, a total of 124 completed projects/buildings were reported in October 2023, marking the second-highest count above 100 for the year, following the 143 recorded in July 2023. The total value of these completed projects amounted to N$32.8 million.
The Swakopmund Municipality also disclosed fees including N$86,830.81 in building application fees, N$28,180.00 in building compliance fees, and N$52,974.97 in building fines issued.
