Windhoek building plan approvals increase by 81.1%
The 12-month cumulative number of building plans approved by the City of Windhoek increased by 13.6% in February, a report by IJG indicates.
On a twelve-month cumulative basis, 2,299 buildings with the value of N$1.69 billion were approved, an increase of 13.6% in number, yet a decrease of 14% in value, similar to the previous 2 months.
The City of Windhoek approved a total of 221 building plans in February 2021, representing an 81.1% increase from the 122 building plans approved in January. In monetary terms, the approvals were valued at N$163.9 million, a 95.1% m/m increase, while buildings with a value of N$54.4 million were completed during February, a 5.5% m/m decrease.
Although the number of building approvals for 2021 are 5.2% higher than the same period of 2020, the value of these approvals has fallen sharply by 40.1% y/y, from N$414.2 million in 2020 to N$248 million in 2021.
The firm said the overall decline in value of approvals was mainly due to a large contraction in commercial building plan approvals, which has consistently declined in value terms on a rolling 12-month basis since September last year.
“Overall, Namibia’s housing market displays positive trends in both the 12-month cumulative value of plans completed as well as plans approved. The decline in commercial building plans approvals and completions is however concerning and reflects Namibia’s uncertain business outlook,” IJG said.