The City of Windhoek approved 1 875 building plans valued at N$1.92 billion in the past 12 months. This marks a 2.8% year-on-year (y/y) decrease in the number of approvals, data from IJG Securities shows.
However, this represents a 26.4% y/y increase in value compared to the previous year. “Since the beginning of the year, a total of 1 640 building plans valued at N$1.76 billion have been approved, marking a 0.7% increase in the number of approvals compared to the same period last year, along with a 31.9% rise in value,” IJG said.
In October, the municipality approved 217 building plans worth N$140.7 million, reflecting a 65.6% month on month (m/m), or an 86-unit, increase compared to the 131 approvals in September.
“However, the value of the approvals saw a sharp decline of 62.5% compared to the previous month, and a 53.2% y/y decline,” said IJG.
No commercial or industrial building plans were approved in October, for the first time since May 2020.
Meanwhile, in the same period, 61 building plans worth N$38.7 million were completed, reflecting a 10.5% decrease in value compared to last year but a 13% increase in the number of completed buildings.
In contrast, 182 property additions valued at N$83.7 million were approved in October – the highest number of approvals this year.
“So far in 2024, a total of 1 305 property additions worth N$727.1 million have been approved, reflecting a 4.7% y/y increase in the number of additions and a 19.6% y/y rise in their value,” said IJG.
Over the past 12 months, 1 498 property additions valued at N$821.5 million were approved, showing a 1.4% y/y increase in the number of additions and a 15.7% y/y rise in their value compared to the prior period.
In terms of residential units, 35 residential building plans valued at N$56.9 million were approved, representing a 66.7% m/m increase in approvals, although they showed a 6.3% m/m decrease in value from September. There were no commercial or industrial buildings completed in the past month.
“When compared to the same period last year, there was a 59.1% rise in approvals and an impressive 104.9% increase in the value of approved residential units. Additionally, 20 residential buildings, with a total value of N$25.5 million, were completed in October,” said IJG. – thebrief.com.na
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