Namibia’s Swakopmund’s Approved Building Plans Surged to N$2.7 billion year-to-date in 2024

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In Swakopmund, residential developments accounted for 89% of approvals (60 projects), with industrial and commercial buildings contributing 3% and 7%, respectively. Institutional projects were notably absent in December.

 The latest figures show that Swakopmund’s approved building plans surged to N$2.7 billion year-to-date in 2024, up from N$664 million in 2023.

According to Simonis Storm Junior Economist Almandro Jansen, despite a 20.4% month-on-month decline in December, with approvals dropping to N$70 million, the overall figures highlight strong growth in the coastal town’s construction sector.  In Swakopmund, residential developments accounted for 89% of approvals (60 projects), with industrial and commercial buildings contributing 3% and 7%, respectively. Institutional projects were notably absent in December.

The number of completed projects in Swakopmund contracted to 571 in 2024 from 662 in 2023, with the total value of completions dropping from N$664 million to N$404 million. This decline suggests reduced activity in both scale and value.

During Q4 2024, Swakopmund recorded 120 completed projects valued at N$94.4 million, a significant drop from the 227 completions valued at N$138.4 million reported in Q4 2023. This ongoing decline points to persistent challenges in the local construction market.

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“Nationally, the property market showed signs of recovery, with the 12-month weighted average house price rising 7.0% y/y to N$1,303,179—the highest growth rate since 2021. The central region spearheaded this resurgence, with house prices increasing 6.9% y/y to N$1,659,000,” he explained.