By: Staff Writer
The cumulative value of approved building plans between January and October this year has seen a decline of N$400 million compared to the same period last year, according to an analysis by Simonis Storm Securities (SSS).
So far in 2023, 1,804 building plans with a total value of N$1.6 billion have been approved, compared to 2,306 plans worth N$2 billion during the corresponding 10 months last year.
For October this year, the municipalities of Windhoek and Swakopmund collectively approved 268 building plans, totaling N$333.2 million. SSS’s observation indicates a 7.6% month-on-month (m/m) decrease and a 19.0% year-on-year (y/y) decline in approvals.
In the same month, 180 building projects were completed, marking the second-highest monthly total of the year and signifying an 89.5% y/y increase from October last year.
“In October 2023, the City of Windhoek approved 197 building plans, an increase of 22 from September, marking a monthly growth rate of 12.6% m/m.
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