CoW approves 262 building plans
In value terms, the approvals were valued at N$157.4 million, rising 5.3% month-on-month from the N$149.4 million worth of plans approved in September. Year-to-date, 2 166 building plans worth N$1.57 billion have been approved, up 3.6% year-on-year in number terms but down 3.6% year-on-year in value terms than at the same time last year.
On a twelve-month cumulative basis, the number of approvals climbed by 2.1% year-on-year to 2 527 but in value terms declined by 1.9% year-on-year to N$1.90 billion. A total of 88 building plans worth N$75.8 million were completed in October, IJG said.
October saw 182 additions to properties approved valued at N$84.6 million, up 7.7% month-on-month in number terms and 46.6% month-on-month higher in value terms.
Year-to-date 1 444 additions to properties worth N$784.8 million received the nod, representing an 8.9% year-on-year increase in number terms and a 29.0% year-on-year increase in value terms, IJG added.
34 Additions worth N$9.94 million were completed in October, notably down from the 52 additions worth N$17.78 million completed in September.
67 New residential units were approved in October, slightly up from the 62 approved in September. In value terms, N$63.2 million worth of residential units were approved during the month, representing a 46.6% month-on-month rise from the N$48.6 million approved in September but 22.4% lower than a year prior. Year to date, 673 residential units valued at N$631.9 million were approved, representing an 8.2% year-on-year decline in number terms and a 26.8% year-on-year contraction in value terms.
13 New commercial and industrial units valued at N$9.55 million were approved in October. While the number of approvals reached double digits for the first time since February 2020, the value of the approvals was tepid and came in below the monthly average reported for the year thus far, IJG said.