The City of Windhoek has approved building plans worth N$1.81 billion in the past twelve months, despite a 15.9% year-on-year decline in number of plans, according to IJG Securities.
This comes as, on a twelve-month cumulative basis, 1,918 building plans worth N$1.81 billion were approved, a decline of 15.9% y/y in numerical terms, but an increase of 12.8% y/y in value terms.
“A total of 188 building plans were approved by the City of Windhoek in May, which is 18 more than in April, representing a 5.8% m/m increase. In monetary terms, the approvals were valued at N$189.0 million, 98.3% or N$100.8 million higher than April’s approvals,” said IJG.
Meanwhile, 779 building plans worth N$812.9 million have been approved since the beginning of the year, which is 7.4% higher than the number of approvals over the same period last year, and 65.4% higher in value terms.
A total of 163 building plans worth N$81.2 million were completed during May.
In May, the City of Windhoek approved 188 building plans, an increase of 5.8% from April. The value of these approvals surged by 98.3%, reaching N$189.0 million.
May saw 147 property additions valued at N$107.1 million, exceeding the monthly average of 122 additions seen in 2024.
Year-to-date, 610 property additions worth N$400.0 million have been approved, a 13.0% increase in number and an 89.8% rise in value compared to last year.
Residential building plans in May totalled 35, worth N$58.7 million. This is an increase from April, both in number and value.
“For the first five months of 2024, 143 residential plans worth N$351.8 million were approved, indicating a 12.3% decline in number but a 95.4% increase in value year-on-year,” said IJG.
Meanwhile, six commercial and industrial plans worth N$23.2 million were approved in May.
Year-to-date, 26 plans valued at N$61.1 million have been approved, marking an 18.2% increase in number but a 39.4% decline in value compared to the same period last year.
IJG Securities highlighted that while May’s data shows a short-term increase, the long-term trend remains downward.
Over the past twelve months, the number of building plan approvals has decreased by 77.4%, and their value by 42.9% from the peak levels observed in 2013.
