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.