Windhoek Records N$403m in Building Plans, Driven by Single Commercial Project

Windhoek recorded N$403.3 million in approved building plans in September 2026, according to IJG Securities' September 2026 Building Plans report. This represents a 149.1% increase from N$161.9 million in August. The number of approvals also rose from 135 to 204, a monthly increase of 51.1%. The significant surge in building plans is largely attributed to a single commercial development valued at N$200 million.

The N$200 million commercial project accounted for nearly half of the total value approved and 96.0% of commercial and industrial approval value. Excluding this project, the value of approved plans stood at approximately N$203.3 million. This suggests that the headline increase does not necessarily reflect an equally strong recovery across the construction market. The influence of the major development skews the overall figures, highlighting the concentrated nature of investment in Windhoek's construction sector.

Residential development provided a more encouraging picture, with the City of Windhoek approving 37 residential building plans worth N$122.6 million in September. The combined value of these plans increased by 33% from August and 105.8% compared with September 2025. For the first nine months of 2026, residential approvals reached 289 plans valued at N$656 million, representing growth of 17.5% in the number of plans and 19.4% in their value compared with the same period last year.

The sustained activity in the housing market creates opportunities for property developers, contractors, building-material suppliers, and financial institutions. Residential projects generate demand for various materials and labour, supporting a significant portion of the economy. However, commercial and industrial development remains under pressure, with 58 commercial and industrial plans valued at N$360.6 million approved between January and September. This represents a decline of 28.9% from N$507.2 million during the corresponding period in 2025.

The contrast between residential and commercial development is significant for businesses assessing investment opportunities. Residential construction is showing stronger momentum, while commercial and industrial investment has yet to record a similar recovery. The two segments support different parts of the economy, with commercial and industrial developments creating opportunities for engineering firms, specialised contractors, and infrastructure providers.

Building completions also improved in September, with the City recording 21 completed buildings valued at N$72 million, compared with 17 worth N$21.3 million in August. Four commercial and industrial buildings valued at N$41.5 million were completed, ending six consecutive months without a recorded completion in that category. Despite the monthly improvement, the value of completed buildings during the first nine months reached N$295.6 million, only 2.8% higher than the corresponding period last year.

The broader picture remains mixed, with total building-plan approvals reaching approximately N$1.55 billion during the first nine months of 2026, marginally below the N$1.56 billion recorded during the same period in 2025. The real test for Windhoek's construction market will be whether the current pipeline translates into completed buildings, sustained investment, and wider economic activity. For developers, the next challenge is securing finance and managing construction costs, while efficient municipal approval processes will also matter.

Key points

• A single commercial development valued at N$200 million accounted for nearly half of the total value of approved building plans in Windhoek in September.
• Residential construction in Windhoek is showing stronger momentum, with 289 plans valued at N$656 million approved in the first nine months of 2026.
• Commercial and industrial development in Windhoek remains under pressure, with a 28.9% decline in approved plans valued at N$360.6 million between January and September.