The value of building plans approved by the City of Windhoek rose sharply to N$145.8 million in February 2026, signalling a rebound in construction activity following a subdued start to the year.
The figure represents a 43.2% increase from N$101.8 million recorded in January, alongside a rise in the number of approvals from 109 to 163 over the same period, according to data analysed by Simonis Storm Securities.
Economist Almandro Jansen said the increase points to a recovery in both volumes and values.
“The recovery in volumes was accompanied by a similarly strong rebound in the value of approved building plans,” he said.
On a year-on-year basis, approvals in Windhoek increased by 7.9%. Year-to-date, a total of 272 building plans valued at N$247.6 million have been approved, compared to 233 plans worth N$183.2 million during the same period in 2025.
Jansen said the upward trend suggests that improving macroeconomic conditions and easing financing constraints are beginning to support activity in the construction pipeline.
Despite the improvement in approvals, completions remain uneven. A total of 21 projects were completed in February, up from 10 in January, with a combined value of N$21.8 million. However, this remains below the 30 completions recorded in February last year.
“Completed projects continue to be dominated by smaller-scale works, primarily additions and alterations, rather than large new developments,” Jansen said.
At the coast, Swakopmund recorded a marked increase in activity, with 132 building plans approved in February compared to just 20 in January. The value of approvals rose to N$91 million, while year-to-date figures show a 66.7% increase compared to 2025.
According to Jansen, coastal demand continues to be driven by lifestyle migration, tourism-related investment and interest from foreign buyers.
While February data points to a broad-based recovery, he cautioned that structural constraints persist.
“Without final investment decisions in green hydrogen, oil and gas, and logistics infrastructure, construction growth will remain uneven and segmented,” he said.
The construction sector is expected to expand at a moderate pace in 2026, supported by infrastructure and mining activity, but remains dependent on large-scale capital investment to sustain momentum.
