Windhoek approved 1,875 building plans valued at N$1.92 billion in the past 12 months, marking a 2.8% year-on-year (y/y) decrease, data from IJG Securities shows.
However, this represents a 26.4% y/y increase in value compared to the previous year.
“Since the beginning of the year, a total of 1,640 building plans valued at N$1.76 billion have been approved, marking a 0.7% increase in the number of approvals compared to the same period last year, along with a 31.9% rise in value,” IJG said.
In October, the City of Windhoek approved 217 building plans worth N$140.7 million, reflecting a 65.6% m/m, or an 86-unit increase in approvals compared to the 131 approvals in September.
“However, the value of the approvals saw a sharp decline of 62.5% compared to the previous month and a 53.2% y/y decline,” said IJG.
No commercial or industrial building plans were approved in October, marking the first time since May 2020 that this has occurred.
Additionally, there were no commercial or industrial buildings completed in the past month.
Meanwhile, in the same period, 61 building plans worth N$38.7 million were completed, reflecting a 10.5% decrease in value compared to last year but a 13.0% increase in the number of completed buildings.
On the other hand, 182 property additions valued at N$83.7 million were approved, marking the highest number of approvals this year.
“So far in 2024, a total of 1,305 property additions worth N$727.1 million have been approved, reflecting a 4.7% y/y increase in the number of additions and a 19.6% y/y rise in their value,” said IJG.
Over the past 12 months, 1,498 property additions valued at N$821.5 million were approved, showing a 1.4% y/y increase in the number of additions and a 15.7% y/y rise in their value compared to the prior period.
In terms of residential units, 35 residential building plans valued at N$56.9 million were approved, representing a 66.7% m/m increase in approvals, though showing a 6.3% m/m decrease in value from September.
“When compared to the same period last year, there was a 59.1% rise in approvals and an impressive 104.9% increase in the value of approved residential units. Additionally, 20 residential buildings, with a total value of N$25.5 million, were completed in October,” said IJG.
