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A total of 176 building plans worth N$128.7 million were approved by the City of Windhoek in January, representing a 79.6% month on month increase from the 98 building plans approved in December.
Additions to properties made up the largest portion of approvals, with 99 approved during the period under review, value of N$75.4 million, 28 more than the number of additions approved in January 2021.
Of the approved additions, 40 worth N$9.2 million were completed during the month.
New residential units were the second largest contributor to the total number of building plans approved in January, with 74 new units worth N$47.7 million approved, representing a 6.9% decrease from the N$51.3 million worth of approvals in the first month of 2021.
Of the new residential units, 30 worth N$17.1 million were completed during the month.
Three new commercial units, valued at N$5.5 million, were approved in January, with a single commercial unit worth N$140,000 completed during the month under review.
“Since March 2020, the number of commercial and industrial approvals have remained in the low single digit territory, signaling a lack of investment from businesses. It is evident that the Namibian construction industry continues to tread water as the value of approvals continues to decline in real terms,†IJG Securities said.
