Building plans average N$167 million monthly
A total of 278 building plans to the value of N$189 million were approved by the City of Windhoek in August 2014. On a year-to-date basis, 1,957 plans were approved compared to 2,202 plans over the same period last year.
In value terms, however, plans approved year-to-date are worth N$1,618 billion compared to N$1,445 billion for the same period in 2013, up 12.0%. This increase is mostly due to three large commercial projects that were approved by the municipality in February 2014. On a monthly basis, a few less plans were approved in August when compared to July, while the value of plans approved is up 125.9% month on month IJG said.
According to IJG, a total of 330 residential units have been approved year-to-date, up 2.2% from the comparable period of 2013. Plans for flats and houses approved year-to-date are valued at N$355.7 million in contrast to the 323 plans worth N$521 million in the same period last year. On the additions front, 1,545 additions to the value of N$651 million were approved year-to-date, down 277 plans when compared to the same period last year and down N$131 million in value.
82 commercial property plans were approved for the period of January to the end of August this year, an increase compared to the 57 plans that were approved at the same time in 2013 IJG reported.
The value of commercial building plans approved is up 341% on last year this time. The value of commercial and industrial buildings approved thus far in 2014 is N$697 million compared to N$158 million in the same period last year.
The higher year-to-date figure for commercial properties is due to a few large projects approved, which make up more than half of the total value of plans approved for the year thus far. The 12 month cumulative number of plans approved fell to 3,055 in August compared to 3,074 in July, with the year-on-year growth rate contracting by 9.8%, turning negative for the first time in May after 18 months of positive growth. The 12-month cumulative value of plans approved totalled N$2.4 billion, down 1.8% year on year IJG reported.