The City of Windhoek approved 1,950 building plans, with a total value of N$2.22 billion in 2024, latest data shows.
According to IJG Securities, this reflects a 48.6% year-on-year increase in value and a 4.6% growth in the number of approvals compared to the previous year.
In December alone, 141 building plans valued at N$289.5 million were approved, a 74.2% month-on-month increase. This was despite a 16.6% decrease in the number of approvals compared to November.
“The value of these approvals significantly exceeds the 2024 average of N$184.8 million. During the month, 22 building plans worth N$52.5 million were completed, showing an 8.2% y/y increase in value compared to last year,” noted IJG.
In 2024, 976 plans worth N$758.5 million were completed, marking a 62.1% y/y increase in number and a 10.8% y/y increase in value.
Meanwhile, 108 additions, valued at N$29.2 million, were approved during the month, reflecting a 44.9% m/m decline in value.
“For 2024, 1,546 additions worth N$808.9 million were approved, representing a 7.4% y/y increase in the number of approvals and a 15.2% y/y rise in value compared to the previous year. Additionally, 10 additions valued at N$3.8 million were completed during the month,” noted the firm.
In December, 28 residential building plans valued at N$217.1 million were approved, marking a 271.2% m/m increase in value and the highest monthly value recorded since October 2020.
“Throughout 2024, 348 residential plans worth N$868.6 million were approved, reflecting an 87.3% y/y increase in value but a 5.9% y/y decline in the number of approvals,” said IJG.
Additionally, 10 residential buildings with a combined value of N$20.2 million were completed in December.
IJG also noted that five commercial and industrial building plans were approved, with a total value of N$43.3 million.
“Over the course of 2024, 56 commercial and industrial plans were approved, valued at N$540.3 million, reflecting a 3.7% y/y increase in the number of approvals and a 65.4% y/y rise in value,” said IJG.
The firm noted that Namibia’s building plans saw strong growth in value during 2024, driven by notable increases in residential and commercial projects, marking the highest annual value since December 2014.
“The rising trend in approvals and completions reflects growing economic confidence. Continued investment in construction, underpinned by stable demand and infrastructure initiatives, is likely to sustain this positive trajectory,” said IJG.
