The City of Windhoek approved 1,423 building plans year-to-date, with a total value of N$1.62 billion, latest data shows.
IJG Securities reported that this marks a 1.9% decrease of 27 units in the number of approvals compared to the same period last year, while the overall value has seen a significant increase of 56.7%.
“Over the past 12 months, 1,837 building plans valued at N$2.08 billion were approved, reflecting an 8.7% y/y decrease in the number of approvals but a 51.1% y/y increase in value compared to the same period last year,” the firm added.
In addition, 71 building plans worth N$59.2 million were completed in the most recent month.
“A total of 131 building plans to the value of N$375.0 million were approved by the City of Windhoek in September, which is a month-on-month decline of 34.8%, or 70 units, from the 201 approvals in August,” said IJG.
September’s approvals, valued at N$375.0 million, constituted the highest monthly amount approved since September 2019.
This large increase in value was driven by the approval of commercial and industrial plans to the value of N$264.0 million.
Meanwhile, 105 additions to properties valued at N$50.3 million were approved in September, resulting in the lowest number and value of additions approved since January this year.
“In September, the number of property additions, both in terms of quantity and total value, fell below the year-to-date averages for 2024, which are 125 additions and an average value of N$71.5 million,” said IJG.
Year-to-date, 1,123 additions to properties worth N$643.4 million have been approved, representing a year-on-year increase in additions of 2.6% and a 50.6% y/y increase in value.
Moreover, 21 residential building plans valued at N$60.7 million were approved in September, indicating a 38.2% decrease in approvals from August while the value of the plans increased by 30.2% m/m.
“Compared to the same period last year, there has been a 40% decrease in approvals and a 1.1% decrease in the value of approved residential units. 28 residential buildings to the value of N$39.2 million were completed in September,” noted IJG.
Five commercial and industrial building plans to the value of N$264.0 million were approved in September, the highest commercial and industrial approval value since September 2019.
“This large growth from August’s value of N$30,000 can be attributed to the approval at erf ‘247 Ongos’ which was valued at N$257.0 million, bringing the sector’s year-to-date approvals to 48 to the value of N$441.9 million, reflecting a 11.6% y/y increase in the number of approvals and a 92.8% y/y increase in value terms,” said the firm.
One commercial and industrial plan valued at N$10.0 million was completed in September.
