28 Mai 2021 | Wirtschaft
Building plans for flats and houses valuable
Building plans for flats and houses were valued at N$126.5 million, while additions, and commercial and industrial were valued at N$93 million and N$11.6 million, respectively.
Although residential building plan approvals have gained momentum, the commercial sector remains woeful. IJG Research
Despite the number of additions building plans making up the highest number of approvals, the flats and houses segment still dominated in terms of value.
For the month of April this year, the City of Windhoek (CoW) approved a total number of 250 building plans worth N$234.1 million.
Out of the 250 building plans, 166 were additions, 80 flats and houses, while the remaining four were commercial and industrial building plans.
Additions were valued at N$93 million, while flats and houses as well as commercial and industrial building plans were each valued at N$126.5 million and 11.6 million, respectively.
According to IJG, the number of additions approvals has been ticking up steadily since January, however, they are relatively less in value.
The 80 flats and houses units represent a 49.1% month-on-month increase from the N$86.9 million. On a 12-month cumulative basis, the segment recorded a 108.3% year-on-year increase in value.
As for the four new commercial and industrial units, on a rolling 12-month perspective, the number of approvals has slowed to 29 units worth N$110.3 million as at April, compared to the 57 approved units worth N$654.2 million over the corresponding period a year ago, IJG said.
Overall,the 250 building plans approved in April represents a 9.6% month-on-month increase from the 228 building plans approved in March.
A total number of 199 building plans worth N$93.1 million were completed of which 166 were additions valued at N$60 million. Only 31 flats and houses building plans were completed, however, they were valued at N$33.1 million. Interestingly, no commercial and industrial building plans were completed.
Year-to-date, building approvals are 65.9% and 15.0% higher in number and value terms, respectively than during the same period in 2020.This increase is however mostly due to stagnant construction activity during the lockdown last year, JJG said.
According to the Namibia Statistics Agency (NSA), the construction sector spent about N$4.9 billion last year. In real terms, as a percentage of Gross domestic Product (GDP), the sector registered a negative growth of 11.8% in 2020.
Year-to-date, the number of completed buildings increased by 44.7% year-on-year to 495, while the value of these completions rose marginally by 8.3% year-on-year from N$276.3 million in 2020 to N$299.4 million in 2021, IJG added.
On a twelve-month cumulative basis, 2608 buildings with the value of N$1.94 billion were approved, an increase of 39.8% year-on-year in number, and 7.2% year-on-year in value, IJG pointed out.
Completed building plans increased 16.3% year-on-year in value terms to N$1.56 billion on a 12-month cumulative basis in April. Although residential building plan approvals have gained momentum, the commercial sector remains woeful, contributing a mere 2.0% of the N$299.4 million total building completions so far in 2021, IJG said.