November 01, 2024
Property

Nearly 200 building plans worth N$128m approved in March

By April 25, 2022
Nearly 200 building plans worth N$128m approved in March

A total of 198 building plans valued at N$128 million were approved by the City of Windhoek in March.

The latest figures were, however, a 9.6.1% decline month-on-month from 219 building plans approved in February. 

The year-to-date value of approved building plans reached N$413 million, 1.7% higher than in the first quarter of 2021 according to latest figures.

On a twelve-month cumulative basis, 2,473 building plans with a value of N$1.97 billion have been approved, an increase of 4.9% y/y in number and 15.7% y/y in value terms.

The number of completions for the month of March stood at 116, valued at N$74.1 million, while additions to properties, which made up the largest portion of approvals in both number and value terms, made up 133 of the total 198 approved building plans recorded in March, one more than registered in February.

“In the first quarter of the year, 364 additions to properties have been approved with a value of N$208.5 million, a 5.5% y/y increase in number and 29.9% y/y value terms. 58 additions worth N$14.5 million were completed in March,” IJG said.

New residential units were the second largest contributor to the total number and value of building plans approved by CoW, with 63 new units worth N$41.8 million being registered, representing a 51.9% y/y decrease from the N$86.9 million worth of approvals in March 2021.

“On a 12-month cumulative basis, the number of residential units approved increased by 4.9% y/y to 842. While the number of new residential building plans approved during the first quarter were two more than during the same period last year, the value of these approvals fell by 28.3% y/y. 56 new residential units worth N$51.9 million were completed during the month.”

Two new commercial and industrial units, valued at N$30 million were approved in March.

“Two units fewer than those approved in February, but an increase of 823.1% m/m and 328.6% y/y in value terms, although the increases are from a very low base.”

“The increase in value is due to a N$25 million building plan submitted by Vivo Energy Namibia. Year-to-date, there have been 9 commercial and industrial building approvals valued at N$38.8 million. On a rolling 12-month perspective, the number of commercial and industrial building approvals has increased to 38 units worth N$195.7 million as at March, compared to the 25 approved units worth N$98.7 million over the corresponding period a year ago. Two commercial and industrial units worth N$7.6 million were completed in March,” said IJG.

A total of 2,473 building plans to the value of N$1.97 billion were approved over the last 12 months which represents an increase in value terms of 15.7% y/y.

“Additions to properties continue to make up the majority of the cumulative approvals at 64.4% in number terms. The number of commercial and industrial approvals has continuously remained in the single-digit territory since March 2020, indicating a lack of investment from businesses. The first quarter of the year saw total approvals generally in line with those of Q1 last year, recording an increase of only 3.9% y/y in number and 1.7% y/y in value terms. Completed building plans decreased by 27.7% y/y in value terms to N$1.06 billion on a 12-month cumulative basis.”

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Last modified on Tuesday, 26 April 2022 17:21
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