November 01, 2024
Property

CoW approves 227 building plans worth N$398.2 million

By July 21, 2022
CoW approves 227 building plans worth N$398.2 million

The City of Windhoek approved a total of 227 building plans valued at N$398.2 million in June, representing a 55.5% m/m increase from the 146 building plans worth N$118.1 million approved in May.

In value terms, the approvals were a 237.2% m/m increase from the value of plans approved in May, according to a report by IJG. 

Year-to-date, 1 139 building plans were approved worth N$1.03 billion, a 1.1% y/y increase in the number of plans approved, and a 10% y/y increase in value terms. 

On a 12-month cumulative basis, 2 463 buildings with a value of N$2.05 billion were approved, a 2.8% decrease in the number of plans approved but a 4.4% increase in value terms over the prior 12-month period. 

At least 73 building plans worth N$43.8 million were completed during the month. 

“Additions to properties once again made up the largest portion of the building plans approved both in terms of the number and the value of plans approved,” said the report. 

For the month of June, 153 additions to properties were approved valued at N$328.4 million, the largest single month approval in value terms ever recorded.

 “The value of the additions approved is 384.5% higher than last month and 835.1% higher than during the same month last year. It is however worth pointing out that the high value in additions recorded in June stems from a single property. 

“If excluded, the value of additions in June amounts to N$48.2 million, representing a 29% m/m decline from the N$67.8 million worth of additions approved in May and a 37% increase compared to June last year,” said IJG. 

At least 24 additions worth N$7.07 million were completed during June, a 19.6% m/m increase in terms of the value of additions completed. 

New residential units were the second largest contributor to the number and value of building plans approved with 69 approvals registered in June, compared to 30 in May. 

In value terms, N$55 million worth of residential units were approved in June, a 17.1% m/m increase. On a year-on-year basis, the value of approvals is however 28.8% lower than registered in June last year. 

On a 12-month cumulative basis, the number of residential units approved decreased by 13% y/y to 790. 

Further, declines in these numbers are expected given the current inflationary environment and the resultant rise in building costs which makes building new residential properties less affordable when compared to existing properties in the market.

 New commercial units valued at N$14.8 million were approved in June, compared to 2 units worth N$3.35 million approved in May and 3 units worth N$16.0 million approved in June 2021.

“Year-to-date there have been 17 commercial building approvals valued at N$57.3 million, which translates to a 10.5% y/y decrease in the number of plans approved and a 14.6% y/y decrease in value terms,” said the report. 

On a rolling 12-month perspective, the number of commercial and industrial approvals remained steady at 33 units worth N$161.6 million, compared to the 32 units approved worth N$146.1 million over the corresponding period a year ago.

 

 

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Last modified on Saturday, 23 July 2022 09:55
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