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Value of building plans approved in Windhoek decrease to N$216.9 million

Value of building plans approved in Windhoek decrease to N$216.9 million

In November the City of Windhoek approved 263 building plans, a 3% decrease from the 271 approved in October, bringing the value of approvals down by 2.1% to N$216.9 million.

In the past 12 months, the number of approvals has risen by 9.3% to 2,468 but the value of these approvals has declined by 1.1% to N$1.92 billion.

Further, year-to-date there have been 2,353 approvals valued at N$1.85 billion. About 139 construction projects were completed in November at a value of N$99.9 million. In terms of value, this equates to a 147.1% yearly increase and a 71% monthly increase. However, on a 12-month cumulative basis, the value of completed projects is down 46.3%.

IJG research analysts noted that technically, 2021 was not all that bad, explaining the year-to-date figure for total building plan approvals stands at N$1.85 billion, that’s a 3.9% increase from the N$1.78 billion approved by last November.

“The success and rate with which these approvals are converted into completions will go a long way to determining the fortunes of the construction sector in 2022. While the year-to-date value of total building completions remains well off 2020 levels, in the context of the last five years the figure (N$796.5 million y-t-d completions by November 2021) doesn’t look out of place (5-year November average; N$913.8 million),” the firm said.


 

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Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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