City approved 301 building plans in September
A total of 301 building plans to the value of N$142 million were approved by the City of Windhoek in September 2014. On a year to date basis, 2,258 plans were approved compared to 2,484 plans over the same period last year, according to IJG Securities in their latest report on building activity.
In value terms, however, plans approved year to date are worth N$1,8 billion compared to N$1,7 billion for the same period in 2013, up 7.4%. 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 more plans were approved in September when compared to August, while the value of plans approved is down 24.9% month on month. The difference in value is mainly because less expensive commercial and industrial projects were approved in September.
According to IJG, a total of 363 residential units have been approved year to date, down 1.4% from the comparable period of 2013. Plans for flats and houses approved year-to-date are valued at N$388 million in contrast to the 368 plans worth N$571 million in the same period last year. On the additions front, 1,797 additions to the value of N$727 million were approved year to date, down 254 plans when compared to the same period last year and down N$167 million in value.
98 commercial property plans were approved for the period of January to the end of September this year, a substantial increase compared to the 65 plans that were approved for the same time in 2013. The value of commercial building plans approved is up a staggering 181% on last year this time. The value of commercial and industrial buildings approved thus far in 2014 is N$731 million compared to N$260 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 20% of the total value of plans approved for the year thus far, the IJG research shows.
The 12-month cumulative number of plans approved increased to 3,074 in September compared to 3,055 in August, with the year-on-year growth rate contracting by 9.7%, posting negative growth for the fifth consecutive month. The 12-month cumulative value of plans approved totalled N$2,3 billion, down 8.8% year-on-year, IJG said.