CoW approves building plans worth N$129.6 mln
A total of 160 building plans were approved by the City of Windhoek (CoW) in September, 11 fewer than the 181 approved in August, according to IJG Securities.
In financial terms, the approvals were valued at N$129.6 million, marking a 94.9% month-on-month increase from August’s low base of N$66.5 million. Year-to-date, approvals have been granted for 1 450 building plans with a total value of N$1.04 billion. This represents a 23.8% reduction in the number of approvals compared to the same period in the previous year and a 26.8% decrease in terms of their overall value.
On a cumulative twelve-month perspective, there has been a 20.6% decline in the number of approvals and a 30.1% decrease in value compared to the equivalent twelve-month period from a year ago. 49 building plans, worth N$75.7 million, were completed during the month, IJG said.
Looking at additions, 118 properties were approved, valued at N$57.6 million. While this represents the third-lowest number of approvals for the year, it is the fourth highest in value terms. Year-to-date, there have been approvals for 1 095 property additions, amounting to N$427.3 million. This is 13.2% lower than the number of approvals recorded over the same horizon last year and 39.0% lower in value terms. The month saw 16 property additions completed, worth N$9.1 million, around half the value of completions compared to the previous month.
Residential
Furthermore, 35 residential building plans were granted approval in September worth a total N$61.4 million. This is in line with the monthly average number of residential approvals we have seen so far this year but exceeds the N$42.1 million monthly average value of approvals. The 12-month cumulative number and value of residential approvals have been declining consistently since August 2021, and at the end of September, stood at 441 units valued at N$513.8 million. This is 43.6% lower in number terms than those approved over the corresponding 12-month period a year ago, and 37.7% lower in value terms. 31 Residential units, valued at N$38.1 million, were completed during the month, IJG added.
Moreover, 7 commercial and industrial building plans were approved during the month, worth N$10.5 million. This brings the year-to-date approvals of the sector to 43 plans, valued at N$229.2 million. This represents a 19.4% increase in number terms compared to the same point in 2022 and a 59.0% year-on-year increase in monetary value. 2 commercial and industrial building plans, valued at N$28.5 million, were completed during September.
“All in all, the building plan approval data for September was broadly in line with the monthly figures that we have been seeing so far this year.”
However, longer-term trends still indicate subdued planned construction activity in the capital city. The number and value of building plan approvals recorded during the first three quarters this year are around 25% lower than those approved during the corresponding period a year ago, IJG said.
In financial terms, the approvals were valued at N$129.6 million, marking a 94.9% month-on-month increase from August’s low base of N$66.5 million. Year-to-date, approvals have been granted for 1 450 building plans with a total value of N$1.04 billion. This represents a 23.8% reduction in the number of approvals compared to the same period in the previous year and a 26.8% decrease in terms of their overall value.
On a cumulative twelve-month perspective, there has been a 20.6% decline in the number of approvals and a 30.1% decrease in value compared to the equivalent twelve-month period from a year ago. 49 building plans, worth N$75.7 million, were completed during the month, IJG said.
Looking at additions, 118 properties were approved, valued at N$57.6 million. While this represents the third-lowest number of approvals for the year, it is the fourth highest in value terms. Year-to-date, there have been approvals for 1 095 property additions, amounting to N$427.3 million. This is 13.2% lower than the number of approvals recorded over the same horizon last year and 39.0% lower in value terms. The month saw 16 property additions completed, worth N$9.1 million, around half the value of completions compared to the previous month.
Residential
Furthermore, 35 residential building plans were granted approval in September worth a total N$61.4 million. This is in line with the monthly average number of residential approvals we have seen so far this year but exceeds the N$42.1 million monthly average value of approvals. The 12-month cumulative number and value of residential approvals have been declining consistently since August 2021, and at the end of September, stood at 441 units valued at N$513.8 million. This is 43.6% lower in number terms than those approved over the corresponding 12-month period a year ago, and 37.7% lower in value terms. 31 Residential units, valued at N$38.1 million, were completed during the month, IJG added.
Moreover, 7 commercial and industrial building plans were approved during the month, worth N$10.5 million. This brings the year-to-date approvals of the sector to 43 plans, valued at N$229.2 million. This represents a 19.4% increase in number terms compared to the same point in 2022 and a 59.0% year-on-year increase in monetary value. 2 commercial and industrial building plans, valued at N$28.5 million, were completed during September.
“All in all, the building plan approval data for September was broadly in line with the monthly figures that we have been seeing so far this year.”
However, longer-term trends still indicate subdued planned construction activity in the capital city. The number and value of building plan approvals recorded during the first three quarters this year are around 25% lower than those approved during the corresponding period a year ago, IJG said.
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