The City of Windhoek approved 219 building plans in February, representing a 24.4% m/m increase from the 176 building plans approved in January. In monetary terms, the approvals were valued at N$156.3 million, a 21.5% m/m increase. Year-to-date 395 building plans worth N$285.0 million have got the nod, an increase in number of 15.2% y/y and 14.9% y/y in value terms. On a twelve-month cumulative basis, 2,503 buildings with the value of N$2.00 billion were approved, an increase of 8.9% in number and 18.6% in value terms over the prior 12-month period. 144 building plans worth N$53.1 million were completed during the month.
In terms of both number and value of approvals, additions to properties once again made up the largest portion of approvals. For the month of February 132 additions to properties were approved with a value of N$76.8 million, 1 more than in February 2021. The value of the additions approved is 8.8% higher than during the same month last year. 104 Additions worth N$20.6 million were completed during the month.
New residential units were the second largest contributor to the number and value of building plans approved with 83 approvals registered in February, 9 more than in January. In value terms N$76.2 million worth of residential units were approved in February, a 59.6% m/m increase. On a year-on-year basis the value of approvals is however 17.9% lower than registered in February 2021. On a 12-month cumulative basis the number of residential units approved increased by 17.5% y/y to 860, although this number has been ticking down since May last year when it stood at 933. 40 New residential units worth N$32.6 million were completed in February.
4 New commercial units valued at N$3.6 million were approved in February. This compares to 3 units valued at N$505,000 approved in February 2021. Year-to-date there have been 7 commercial building approvals valued at N$8.8 million, which translates to a 75.0% y/y increase in number and 17.0% y/y increase in value terms compared to the same period last year. These increases are from an evidently low base low base. On a rolling 12-month perspective, the number of commercial and industrial approvals increased to 40 units worth N$172.7 million, compared to the 26 approved units worth N$180.8 million over the corresponding period a year ago. No commercial and industrial units were completed in February.
The 12-month cumulative number of building plans increased by 8.9% y/y in February to 2,503. While this in an increase from the prior 12-month period, it has been hovering around the current level since April last year, showing nearly no meaningful improvement since then. Residential approvals have recorded a decent recovery in 2021 following the slowdown in 2020, but has too stagnated at current levels on a 12-month cumulative basis in both number and value terms since April last year. As pointed out last month, the number of commercial and industrial approvals continues to trend in the low single digit territory and in value terms, commercial approvals have remained below the N$200 million mark on a cumulative 12-month basis for the last 13 months.
