Slow construction year in the city

THE first six months of 2011 saw a drop in the number of Windhoek-based building plans completed compared to last year, but the value of the plans increased slightly.

Analysing the latest data, Petrus Shifotoka, junior economist at Capricorn InvestmentHoldings (CIH), said the reduction in number of plans completed ‘may suggest a slower growth in the property market reflecting a more difficult economic environment compared to the same time last year’.A total of 712 building plans were completed during the first half of the year, compared to 816 during the first six months of 2010 – drop of 12,7 per cent.However, the total value of building plans completed during period under review climbed by 8,7 per cent, from N$329 million to N$349 million.New building plans approved by the City of Windhoek during the year to June 2011 totalled 1 493 compared to 1 368 last year – an increase of 9,1 per cent. On the other hand, the total value of plans approved during the period dropped by 8,2 per cent from N$852 million for the first six months of 2010 to N$782 million this year.

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