The Windhoek municipality approved 1,929 building plans worth N$2.16 billion between February 2024 and February 2025, reflecting a 4% year-on-year (y/y) increase in number and a 31.6% y/y rise in value.
In February alone, 142 building plans valued at N$133.8 million were approved, marking a 13.9% y/y decline in the number of approvals and a 28.9% y/y drop in value compared to the same period last year.
According to IJG, however, monthly data shows a significant rise in approvals.
“During the month, 27 building plans worth N$26.0 million were completed, which represents a decline of 6.9% y/y in the number of building plans, but a 16.5% y/y increase in the value,” IJG stated.
On a month-on-month (m/m) basis, the number of approvals surged by 91.9%, while the total value of approved plans soared by 184.4%.
Despite minimal activity in approvals or completions for commercial and residential units in February, analysts believe that lower interest rates could support continued growth in approvals throughout the year.
“The twelve-month cumulative data further reinforces this positive outlook, with the value of approved building plans steadily increasing since 2023,” IJG noted.
The Bank of Namibia reduced the repo rate by 25 basis points to 6.75% in February, a move expected to stimulate construction activity.
Meanwhile, 116 building plan additions were approved in February, an 8.2% y/y increase.
“Despite the twelve-month cumulative rise in the number of approved property additions, the value of these additions declined by 4.7% y/y over the twelve-month period,” IJG said.
Thirteen additions to properties were completed during the month, reflecting an 18.2% y/y increase in the number of completions and a 61.1% y/y rise in value.
Although residential unit approvals declined by 27.8% y/y, their total value increased by 45.5% y/y. A total of 26 residential units, valued at N$54.0 million, were approved in February.
No commercial or industrial plans have been approved by the City in 2025, and no commercial or industrial units were completed in February.
“On a twelve-month cumulative basis, the number of approved units declined by 14.3% y/y but saw a 56.0% y/y uptick in the value of approved units,” IJG said.
