{"id":11864,"date":"2022-02-11T16:42:59","date_gmt":"2022-02-11T16:42:59","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet"},"modified":"2022-02-11T18:14:03","modified_gmt":"2022-02-11T18:14:03","slug":"construction-sector-not-out-of-the-woods-yet","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet","title":{"rendered":"Construction sector not out of the woods yet"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE City of Windhoek approved 105 new building plans out of the 200 received during December 2021, with a total value of N$122 million.<\/b><\/p>\n

This is a double digit drop (19,2%) compared to 130 new building plans in December 2020, according to a Simonis Storm analysis report.<\/p>\n

On completed projects, there was, however, an upside.<\/p>\n

\u201cDuring 2021, council approved 2 682 plans compared to 2 524 in 2020, a rise of 6,3% and 67 building projects were completed in December 2021, compared to 52 in December 2020, giving a rise of 28,8% y\/y,\u201d said the report.<\/p>\n

The 67 projects had a value of N$317,3 million, with commercial projects valued at N$275 million, housing at N$38,7 million, and additions at N$3,6 million, Simonis added.<\/p>\n

\u201cDuring 2021, a total of 1 729 building projects were completed, compared to 1 720 in 2020, realising a slight edge upwards of 0,5%.<\/p>\n

\u201cThe value of approved plans in Windhoek in December 2021 was mixed across high-income and middle- to low-income neighbourhoods,\u201d said the report.<\/p>\n

Meanwhile, at Swakopmund, 96 building plans with a value of N$55,8 million were approved during December 2021, compared to 54 plans with a value of N$34,4 million that were approved during December 2020, giving a 77,8% increase y\/y.<\/p>\n

According to statistics released by the Swakopmund municipality, during 2021, 690 plans were approved compared to 500 in 2020, realising an increase of 38%.<\/p>\n

During December, 45 building projects valued at N$42,7 million were completed, compared to 28 projects with a value of N$16,3 million that were completed in December 2020.<\/p>\n

\u201cThese projects included 18 new residential projects (N$10,8 million), seven residential additions and alterations worth N$2,8 million and three new flats valued at N$2,7 million,\u201d the report added.<\/p>\n

Last year, 442 building projects were completed compared to 392 in 2020, realising a 12,8% increase.<\/p>\n

Using the building statistics from Windhoek and Swakopmund as a proxy for the construction sector in Namibia, Simonis does not believe 2021 gross domestic product figures could have significantly improved from 2020 levels.<\/p>\n

Annual mortgage growth has been far below long run averages, with household mortgages growing at a net 6% on average and corporates growing at a net 1% on average in the last three years compared to a net 13% and 26%, respectively, between 2005 and 2017.<\/p>\n

Interest rates are expected to increase by 125 basis points in 2022. This will increase the prime rate from 7,50% to 8,75%. The rising interest rate environment will add further pressure on mortgage loan growth in 2022, especially for households who still have salary cuts or who face low job security.<\/p>\n

\u201cWe also expect a continued declining trend in mortgage loan growth among corporates, as certain companies capitalise on remote working and demand less office space.<\/p>\n

\u201cIn our Economic Outlook 2022 report, 55% of respondents in our survey said they will implement a hybrid working arrangement, and 6% said they will continue with a remote working arrangement. All this could weigh on the construction sector in 2022,\u201d said Simonis.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE City of Windhoek approved 105 new building plans out of the 200 received during December 2021, with a total value of N$122 million. This is a double digit drop (19,2%) compared to 130 new building plans in December 2020, according to a Simonis Storm analysis report. On completed projects, there was, […]<\/p>\n","protected":false},"author":84,"featured_media":11863,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-11864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nConstruction sector not out of the woods yet - Namibia<\/title>\n<meta name=\"description\" content=\"THE City of Windhoek approved 105 new building plans out of the 200 received during December 2021, with a total value ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction sector not out of the woods yet\" \/>\n<meta property=\"og:description\" content=\"THE City of Windhoek approved 105 new building plans out of the 200 received during December 2021, with a total value ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-11T16:42:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-11T18:14:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/02\/img-6206a74582e51.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Construction sector not out of the woods yet\",\"datePublished\":\"2022-02-11T16:42:59+00:00\",\"dateModified\":\"2022-02-11T18:14:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet\"},\"wordCount\":460,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/02\/img-6206a74582e51.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/construction-sector-not-out-of-the-woods-yet\",\"name\":\"Construction sector not out of the woods yet - 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