19 December 2012

Namibia: Building Appetite Picks Up Strongly

BUILDING plans approved by the City of Windhoek for commercial and industrial plans in November was the second highest since late 2008, Simonis Storm Securities (SSS) latest analysis of building statistics in the capital has shown.

Eleven commercial and industrial building plans were approved in November, about 83% more than in November 2011, and only once short of the record-number approved in June which was the highest since late 2008.

Overall, building plans approved by the City in November increased by 89,6% on an annual basis. In total, 402 plans got the go-ahead. On a monthly basis, approved plans increased by 7,5% or 28 plans - another historic high, SSS said..

"Strong increments for approvals were seen amongst all categories but contrary to historical increments, only flats and houses rose in excess of 100%. The suburbs that contributed to the strong numbers for flats and houses' plans were Otjomuise, Klein Windhoek, Kleine Kuppe, Katutura, Goreangab and Brakwater," SSS said.

The value of approved plans was just over N$195 million, about N$84 million more than last November.

"The biggest annual increase in value was reported amongst additions (N$44,8 million), followed by flats and houses (N$40,4 million), whilst the value for commercial and industrial buildings decline by N$1,1 million," SSS said.

The 12-month cumulative number of plans approved amounted to 2 883 in November, up from 2 693 in October. On an annual basis, the 12 month cumulative number of approved plans increased by 9,8%, SSS said.

The 12-month cumulative monetary value for approved plans has been increasing strongly with the current value of N$2,4 billion in nominal terms being a record high, compared to N$2,3 billion and N$1,8 billion in October and September respectively.

Up to the end of November, the City approved 2 761 building plans, compared to 2 447 and 2 415 for the same period in 2011 and 2010 respectively - an increase of 12,8% in 2012 and 1,3% for 2011.

The number of completed buildings, however, declined by 23,2% on a 12-month basis.

The value of completed buildings amounted N$51,3 million compared to N$34,3 million for the comparable month in 2011 and N$123,9 million in October 2012 versus N$22,9 million in October 2011.

"The N$51,3 million is amongst the lowest values in 2012 nevertheless, it is more than those recorded in March, August and September," SSS said.

On a year-to-date basis, the value of building plans was N$836,6 million, up 18,3% and 21,6% from N$706,9 million and N$581,4 million in the comparable period of 2011 and 2010.

"On a trend basis, completed buildings' monetary value in nominal terms continues to show strong numbers that is with the exception of the dips that occurred between June and September 2012. If the strong numbers are maintained, 2012 could prove to be positive year," SSS said.

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