Windhoek building approvals fall in November

The City of Windhoek approved 153 building plans valued at N$123.9 million in November, representing 33 fewer approvals than in October.

IJG Securities states that the total value of approvals declined by N$362.6 million month on month (m/m), reflecting a 74.5% m/m and 25.5% year-on-year (y/y) decrease.

“The majority of this monthly decline is due to the approval of a N$300 million commercial property in October.

Year to date, N$2.17 billion worth of building plans have been approved, which is 12.5% higher than the corresponding period in 2024,” IJG says.

A total of 70 buildings were completed during the month, with a combined value of N$35.9 million. This represents 38 more completions than in October.

IJG notes that while the increase in the number of completions was notable, the value rose by only N$1.7 million m/m.

“Year to date, 392 buildings have been completed, valued at N$357.7 million, reflecting a 49.3% y/y decline from N$706 million at the same point last year,” the firm says.

In November, 122 additions to existing properties were approved, with a combined value of N$50.7 million.

This reflects a decline of 15.9% m/m and 8.3% y/y in the number of additions, while the value fell by 1.1% m/m and 4.0% y/y.

“The year-to-date total stands at 1 448 approved additions valued at N$605.1 million, a decline of 22.4% y/y in value terms compared with the same period last year. A total of 57 additions worth N$13.7 million were completed during the month,” IJG says.

On a year-to-date basis, 259 additions have been completed, with a combined value of N$87.5 million. This represents a decline of 59.3% y/y in number terms and 48.2% y/y in value terms.

On a 12-month cumulative basis, 269 building plans have been completed, with a total value of approximately N$91.4 million, which is 48.7% lower in value terms than approvals recorded at the end of November 2024.

In the residential segment, 24 new residential units were approved in November, six fewer than the 30 units approved in October. The total value of residential building plan approvals amounted to N$52.3 million, reflecting an increase of N$10.3 million compared with October.

However, on an annual basis, the value of residential approvals declined by 10.5% y/y. Year to date, residential unit approvals are down 6.3% y/y in number terms and 1.2% y/y in value terms.

Over a 12-month cumulative period, the number of approved residential units fell by 2.4% y/y to 328 units, while the total value increased by 25.0% y/y to N$860.7 million.

“In terms of completions, 11 residential units were completed in November with a total value of N$20.8 million,” IJG says.

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