City of Windhoek approves 228 building plans in September
The City of Windhoek approved 228 building plans in September, a 9.9% decrease from the 253 approved in August. The total value of approvals decreased by 2.2% to N$158.1 million.
So far in 2021, there have been 1,819 approvals, valued at N$1.41 billion. This year-to-date figure is 14.4% higher in number terms and 16.1% higher in value terms than at the same time last year.
IJG research noted that on a 12-month cumulative basis, the number of buildings completed fell by 30.5% and 57.3% in terms of value.
“There is a simple mechanical explanation for this and now the 12-month cumulative value of plans completed simply gives a more accurate picture of short-term construction trends than it did two months ago. Additionally, the year-on-year change of the 12-month cumulative value of plans completed will remain negative for several more months while the overall health of the construction industry is likely to hover around its early 2019 level,” IJG stated.
The firm added that 12-month cumulative approvals do paint a better picture, with a 20.7% yearly increase in number terms and 25.1% in value, however, adding that these increases are from a low base and the majority of approvals continue to be made up of additions to properties which are of lower relative value.
Additions to properties made up 41% of the total value of approvals in September. 143 additions were approved at a value of N$64.2 million.
New residential units were the second largest contributor to the total number of building plans approved with 81 approvals. Residential units did however contribute the most value, with total residential approvals valued at N$86.9 million. Only four commercial units, valued at N$7 million, were approved in the month under review.