Ricochet News

Value of Building Plans Passed Up By 2.2% over Past 12 Months

Dec 12, 2014
Value of Building Plans Passed Up By 2.2% over Past 12 Months

The value of building plans passed by larger municipalities in the Eastern Cape, including Nelson Mandela Bay, increased by 2.2% in the first 10 months of this year compared to the same period in 2013.

Figures released by Statistics South Africa show that over this period the value of recorded building plans passed increased from R3.97 billion to R4.06 billion.

The increase was driven largely by the residential sector with total plans passed for all residential building increasing by 24.6% to reach R1.3 billion.

The number of plans passed for houses smaller than 80 square metres increased from 277 to 1 065 year-on-year (y/y) and in value by 162.3% to R143.2 million.

Plans for houses of 80 sqm or more increased in number from 703 to 857 and in value by 31.8% to a fraction over R1 billion.

The value of plans passed for flats and townhouses, however, decreased in value by 49.6% to R110.3 million, while plans for other residential buildings that includes hotels and tourist accommodation rose by 326,1% to R46.7 million.

The value of plans for all non-residential buildings dropped by 36.3% to R930.6 million, with the sharpest decline recorded in plans for shopping space, which decreased by 66.5% to R298.3 million.

Plans passed for office and banking space was down by 56.3% to R46.8 million while plans for industrial and warehouse space reversed this trend increasing by 16.1% to R528.7 million.

Plans for alterations and additions to all properties increased by 28.7% to R1.8 billion, with all sectors showing increases (residential 24.7% and non-residential 40.6%). - MetroMinutes.