The City of Windhoek approved 421 building plans worth N$535.8 million in the first quarter of the year, reflecting a decrease of nine plans compared to the first quarter of 2023.
The number, however, marks a significant 171.5% year-on-year increase in value from the low base of the first quarter of 2023.
This comes as the pipeline for construction activity in Windhoek picked up in March.
“A total of 184 building plans were approved in March, representing an 11.5% m/m increase compared to February’s figure. The value of approvals increased by 56.3% m/m and 186.8% y/y to N$294.1 million,” said IJG Securities.
According to IJG, the average time-lapse for approved applications was 182 days. The number of applications submitted to the City of Windhoek decreased by 2.2% month-on-month, resulting in a significant 29.7% year-on-year decline in submissions.
The number of building plan approvals in March exceeded that of the prior four months. Despite this, Windhoek saw a 60.0% y/y drop in buildings completed, falling from 75 in March 2023 to 30 in March 2024.
“The completion of five commercial buildings, valued at N$28.0 million, nine additions at N$5.2 million, and 16 residential buildings valued at N$22.4 million, equated to the total value of completions of N$55.6 million,” said IJG.
On the other hand, 150 additions to properties were approved in March worth N$89.6 million.
This indicates a 21.0% month-on-month and 10.3% year-on-year increase in the number of additions in the pipeline compared to last March. Additionally, there was a substantial 165.1% year-on-year increase in the value of these additions.
“March saw the approval of 32 residential units, a decrease of 11.1% m/m and 30.4% y/y. A total value of N$200.5 million of residential units were added to the pipeline in March, which is 440.2% higher month-on-month and 311.3% higher than during the same month in 2023,” said IJG on residential units.