Swakopmund sees decline in building-plan approvals

Windhoek reported a slight uptick in building plans registered for March, witnessing a 2.6% increase on a month-on-month (m-o-m) basis, building statistics show - rising from 192 to 197 approvals compared to February. “Conversely, Swakopmund saw 14% m-o-m increase, with approvals climbing from 50 to 57 during the same period. However, on an annual basis, Windhoek saw a slight 1% year-on-year (y-o-y) increase in approvals, while Swakopmund experienced a -12.3% y-o-y contraction - dropping from 65 in March 2023 to 57 approvals March 2024,” Simonis Storm said. Quarterly, Windhoek observed an increase in approved plans during the first quarter of 2024, with 465 approvals totalling a value of N$539.8 million as compared to 458 in the same period of 2023. “Conversely, Swakopmund experienced a decline in approved building plans during the first quarter of 2024, with 132 approvals compared to 149 in the first quarter of 2023,” Simonis Storm said. Residential segmentAccording to the firm, most of the approved building plans in both Windhoek and Swakopmund predominantly focused on the residential segment of the market. “In Windhoek, 76% of approved plans were for additions to existing buildings, amounting to 150; 16% for new houses amounting to 32, and 6% for walls. Only 1% each was allocated to commercial building plans and pools,” it said. In Windhoek, Klein Windhoek, Katutura, Khomasdal and Goreangab showed the highest concentration in terms of approved projects, Simonis Storm said. “In Swakopmund, 53 new residential developments were approved, constituting 93% of the total, while the remaining 7% comprised approvals for new commercial institutions."SlowdownYear-to-date, N$126 million in new projects were approved, it found. “Year-to-date, only 93 building projects have been completed in Windhoek, totalling N$126 million in value. This reflects a significant slowdown in building plan completions compared to the same period in 2023, during which 198 new projects were completed between January and the end of March.“Despite the lower number of completed projects in 2024, their collective value is higher. Similarly, in Swakopmund, only 64 building projects have been completed year-to-date, with a total value of N$50.5 million. This contrasts with the 110 projects completed during the same period in 2023, amounting to a total value of N$78 million,” it added.

Swakopmund sees decline in building-plan approvals

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