The City of Windhoek approved a total of 262 building plans in October valued at N$157.4 million, up 10.5% from the 237 building plans approved in September.
According to IJG, year-to-date (YTD), 2,166 building plans worth N$1.57 billion have been approved, up 3.6% y/y in number terms but down 3.6% y/y in value terms than at the same time last year.
October saw 182 additions to properties approved valued at N$84.6 million, up 7.7% m/m in number terms and 46.6% m/m higher in value terms.
Year-to-date 1,444 additions to properties worth N$784.8 million were approved, representing an 8.9% y/y increase in number terms and a 29% y/y increase in value terms.
On a 12-month cumulative basis, 1,692 additions to the value of N$929.3 million were approved in October which represents a 7.4% y/y increase in number terms and a 27.7% y/y jump in value terms.
“Thirty-four Additions worth N$9.94 million were completed in October, notably down from the 52 additions worth N$17.78 million completed in September.”
67 New residential units were approved in October, slightly up from the 62 approved in September.
“In value terms, N$63.2 million worth of residential units were approved during the month, representing a 46.6% m/m rise from the N$48.6 million approved in September but 22.4% lower than a year prior.”
Year to date according to IJG, 673 residential units valued at N$631.9 million were approved, representing an 8.2% y/y decline in number terms and a 26.8% y/y contraction in value terms.
“October saw 780 residential units approved over the last twelve months, registering a 10.0% y/y decline from the 867 units approved a year ago. In value terms, N$806.4 million worth of residential units were approved over the past 12 months, representing a 21.0% y/y decrease. 52 new residential units worth N$62.92 million were completed during October, up 85.1% m/m from the N$33.99 million worth of plans completed in September.”
Three new commercial and industrial units valued at N$9.55 million were approved in October according to IJG.
“While the number of approvals reached double digits for the first time since February 2020, the value of the approvals was tepid and came in below the monthly average reported for the year thus far. Year-to-date, 49 commercial and industrial buildings valued at N$153.7 were approved, compared to the 31 commercial buildings worth N$156.8 million over the same period last year. This represents a 58.1% y/y increase in number but a 2.0% y/y drop in value.
“On a rolling 12-month perspective, 55 commercial and industrial buildings valued at N$168.3 million were approved in October, compared to the 34 approved buildings worth N$193.0 million over the corresponding period a year ago. This represents an increase of 61.8% y/y in number but a 12.8% y/y contraction in value. Only two commercial and industrial units worth N$2.98 million were completed in October, a sizable drop from the N$55.7 million worth completed last month.”
