• Version
• Download 1
• File Size 1.63 MB
• File Count 1
• Create Date January 22, 2024
• Last Updated January 22, 2024

Building Plans Approved Provincial Summary November 2023

There is still no reprieve from the robust contraction in the residential market, as approvals for residential buildings fell by 26 percent y-y in November 2023, with a similar decline in the previous month. A sharp decline was also reported in approvals for non-residential buildings, bringing the overall decline for November 2023 to 27% y-y. The number of SQM did however increase to over 1 million, for the first time since June 2023. Lending rates were left unchanged in November at 11.75 percent, maintaining financial pressure on consumers.  Measured over the last 12 months, approvals are now 16.6 percent y-y lower as at November 2023, or 2.3 million sqm, to just over 12 million sqm. By far the largest contraction has been reported in the residential market, where approvals have contracted by over 20 percent over the last 12 months, against a more moderate 4 percent contraction in other buildings.  Overall this is not good news for the  beleaguered building sector, that is still struggling to recover post-covid period. Only two provinces have managed to surpass the pre-covid period, namely Western Cape and Mpumalanga.

 

Attached Files