The City of Windhoek approved 153 building plans valued at N$123.9 million in November, representing 33 fewer approvals than in October.
According to IJG Securities, the total value of approvals declined by N$362.6 million month on month, reflecting a 74.5% m/m and 25.5% year-on-year (y/y) decrease.
“The majority of this monthly decline is due to the approval of a N$300.0 million commercial property in October. Year to date, N$2.17 billion worth of building plans have been approved, which is 12.5% higher than the corresponding period in 2024,” IJG said.
A total of 70 buildings were completed during the month, with a combined value of N$35.9 million. This represents 38 more completions than in October.
IJG noted that while the increase in the number of completions was notable, the value rose by only N$1.7 million month on month.
“Year to date, 392 buildings have been completed, valued at N$357.7 million, reflecting a 49.3% year-on-year decline from N$706.0 million at the same point last year,” the firm said.
In November, 122 additions to existing properties were approved, with a combined value of N$50.7 million. This reflects a decline of 15.9% month on month and 8.3% year on year in the number of additions, while the value fell by 1.1% month on month and 4.0% year on year.
“The year-to-date total stands at 1,448 approved additions valued at N$605.1 million, a decline of 22.4% year on year in value terms compared with the same period last year. A total of 57 additions worth N$13.7 million were completed during the month,” IJG said.
On a year-to-date basis, 259 additions have been completed, with a combined value of N$87.5 million. This represents a decline of 59.3% year on year in number terms and 48.2% year on year in value terms.
On a 12-month cumulative basis, 269 building plans have been completed, with a total value of approximately N$91.4 million, which is 48.7% lower in value terms than approvals recorded at the end of November 2024.
In the residential segment, 24 new residential units were approved in November, six fewer than the 30 units approved in October. The total value of residential building plan approvals amounted to N$52.3 million, reflecting an increase of N$10.3 million compared with October.
However, on an annual basis, the value of residential approvals declined by 10.5% year on year. Year to date, residential unit approvals are down 6.3% year on year in number terms and 1.2% year on year in value terms.
Over a 12-month cumulative period, the number of approved residential units fell by 2.4% year on year to 328 units, while the total value increased by 25.0% year on year to N$860.7 million.
“In terms of completions, 11 residential units were completed in November with a total value of N$20.8 million,” IJG said.
