BUILDING activity showed tentative stabilisation in volumes, as the City of Windhoek approved 192 building plans worth N$100.1 million, up by 42 approvals from February, when it approved 150 building plans worth N$144.8 million.
According to an analysis by IJG Securities, the total value of approvals declined by 30.9% month on month (m/m) and 72.1% year on year (y/y).
Completions rose to 21 projects during the month, upfrom 19 in the previous month. However, in value terms, they decreased from N$21.7 million in February to N$20 million in March.
“For the first three months of the year, completion values declined by 54.2% y/y compared to the same period in 2025,” the analysts note.
Property additions picked up in March, with 153 approvals valued at N$41.4 million, while the number of approvals rose by 33.0% m/m.
In value terms, approvals declined by N$12.9 million (23.7% m/m), and 46.9% y/y, the analysts say, adding that 340 additions to properties, valued at N$146.2 million, have been approved year to date (YTD).
This shows 17.8% y/y less in value terms and 2.7% y/y more number terms.
Meanwhile, residential building activity recorded a modest uptick in March, with 32 units approved compared to 28 in February.
“Despite the increase in volumes, the total value of approvals declined to N$46.3 million from N$65.1 million in February, representing a 28.9% m/m decline,” IJG says.
On a YTD basis, 87 residential units worth N$161.5 million were approved. While this reflects a 19.2% y/y increase in the number of units approved compared to the same period last year, it is accompanied by a 19.5% y/y decline in value, suggesting a shift towards lower-value developments.
Eleven residential units were completed in March, with a combined value of N$15.2 million, a notable improvement from February, when only five units valued at N$12.4 million were completed.
However, on a rolling 12-month basis, the number of residential units completed has declined to 119 units worth N$203.5 million, compared to 296 units worth N$418.2 million during the corresponding period a year ago.
– email: matthew@namibian.com.na
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