Commercial building plans take a dip

The total value of commercial building plans approved for 2013 is down by 61.5%. Despite the fact that a large number of building plans were approved for commercial and industrial properties, the total annual value of commercial building plans compares poorly to those recorded in 2012. But the  property market as a whole grew strongly despite the slump in commercial building plans. The latest IJG Securities report on building activity recorded 164 building plans to the value of N$132.9 million for December approved by the City of Windhoek bringing the total to 3300 plans for 2013, for all categories of property. For the property market as a whole, the trend remains upwards as a 14.6% increase was recorded in comparison to the previous year which recorded a total of 2904 plans to the value of N$2327.56 billion.