THE Windhoek and Swakopmund municipalities approved 268 building plans, valued at N$333,2 million, in October 2023.
Analysts firm Simonis Storm Securities said this represents a 7,6% month-on-month (m/m) decrease and a 19,0% year-on-year (y/y) decline in approvals.
“Completed projects for the month reached 180, making it the year’s second-highest monthly total and signifying an 89,5% y/y increase from the same month last year,” said Simonis.
According to the analysts, the City of Windhoek approved 197 building plans in October 2023, an increase of 22 from September, marking a monthly growth rate of 12,6% m/m.
“Yet, this was a 29,6% y/y decrease compared to October 2022. The total value of these approvals was N$303,5 million, down from N$400,7 million in September 2023,” said Simonis.
A breakdown of the 197 approved plans for October 2023 reveals that 152 pertain to additions, five are commercial buildings, 22 are for new residential properties, 17 are for walls, and one is for a pool.
For the year-to-date period, spanning January to October 2023, a total of 1 804 building plans received approval, collectively valued at N$1,6 billion. In contrast to the corresponding time frame in the previous year (January 2022 to October 2022), there has been a discernible reduction in the number of approved plans, decreasing from 2 306 plans with a total value of N$2,0 billion.
Completed building projects in Windhoek rose to 56 in October 2023 from 49 in the previous month, marking the fourth-highest count for the year. The total value of these projects reached N$43,5 million.
Additionally, Windhoek received 171 project submissions in October 2023, the lowest since January 2023, indicating a potential slowdown in new project initiations.
Meanwhile, the Swakopmund Municipality approved 71 building plans, signifying a notable decrease from the 115 approvals in September 2023, reflecting a substantial contraction of 38,3% m/m.
“However, in a year-over-year comparison, there was an increase from the 51 approvals recorded in the corresponding period, demonstrating a growth of 39,2% y/y,” said the analysts.
The approved building plans in October 2023 had a combined value of N$29,7 million. This total comprises 69 new residential plans valued at N$29,01 million, one institutional plan and one commercial building plan.
Conversely, a total of 124 completed projects/buildings were reported in October 2023, marking the second-highest count above 100 for the year, following the 143 recorded in July 2023.
“The total value of these completed projects amounted to N$32,8 million,” said Simonis.
The Swakopmund Municipality also disclosed revenue from building fees, including N$86 830 in building application fees, N$28 180 in building compliance fees, and N$52 974 in building fines issued. – email: matthew@namibasn.com.na
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