Shaky building year for Windhoek

Building plans worth about N$1.41 billion in total were approved in Windhoek in the first 11 eleven months this year, roughly in line with figures last witnessed in 2010 and 2011.“The year 2023, with the omission of pending December data, has seen very subdued planned construction activity in the capital,” IJG Securities commented on the latest building statistics. In total, 1 770 building plans have been approved since the beginning of the year, which is 24.9% lower than the number of approvals over the same period last year, IJG said. In value terms, the drop was 17%.NovemberA total of 141 building plans were approved last month, which is 38 less than the 179 approved in October, representing a 21.2% month-on-month (m/m) decrease. In monetary terms, the approvals were valued at N$79.4 million, 73.6% or N$221.0 million less than the N$300.5 million witnessed in October, although it must be noted that October’s high base was primarily driven by two approvals worth a total N$217.2 million, IJG said.“The downward trend witnessed during the year continued, with a 23.4% year-on-year (y/y) decline in the number of approvals on a twelve-month cumulative basis and a 19.7% y/y decrease in value terms when compared to the equivalent period last year,” the analysts added.A total of 36 building plans worth N$57.9 million were completed last month.AdditionsOnly 118 property additions, valued at N$55 million, received the nod last month. This is slightly below the 124 and N$60.3 million monthly average witnessed during the year. Year-to-date, there have been approvals for 1 365 property additions worth N$662.9 million, representing a 14.3% reduction in the number of approvals recorded over the same period last year and 23.4% lower in value terms. November saw 17 additions to properties, worth N$27 million, completed, slightly less than the 21 additions completed in October, but almost triple in value terms from the low NS10.1 million base recorded in October.ResidentialTwenty residential building plans, worth N$20.5 million were granted approval last month. This is slightly lower than the 22 plans approved in October and worth N$7.24 million less. “The residential approvals remained below this year’s monthly average of 32 and well below the N$38.7 million monthly average in value terms,” IJG said. The analysts continued: “The twelve-month cumulative number and value of residential approvals continued its consistent decline, and at the end of November, stood at 378 units valued at N$450.4 million. This is 49.1% lower in number terms than those approved over the same period a year ago, and 39.9% less in value terms.” Year-to-date, 354 residential plans, valued at N$426.7 million have been approved, marking a decrease of 50.2% in number terms and 37.3% in value terms, when compared to the same period over a year ago. Seventeen residential units worth N$19.4 million were completed last month.CommercialThree commercial and industrial building plans, valued at N$3.90 million, were approved in November.This brings the year-to-date approvals for the sector to 51 plans, worth N$325.3 million. This represents a 5.6% decline in number terms compared to the same period last year and a 104.7% increase in value, IJG said. November saw two commercial and industrial plans completed, valued at N$11.5 million.

Shaky building year for Windhoek

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Shaky building year for Windhoek

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