A total of 198 building plans were approved by the City of Windhoek in March, representing a 9.6% m/m decrease from the 219 building plans approved in February. The total value of approvals fell by 18.1% m/m to N$128.0 million. The year-to-date value of approved building plans reached N$413.0 million, 1.7% higher than in the first quarter of 2021. On a twelve-month cumulative basis, 2,473 building plans with a value of N$1.97 billion have been approved, an increase of 4.9% y/y in number and 15.7% y/y in value terms. The number of completions for the month of March stood at 116, valued at N$74.1 million.
Additions to properties, the largest portion of approvals in both number and value terms, made up 133 of the total 198 approved building plans recorded in March, one more than registered in February. In the first quarter of the year, 364 additions to properties have been approved with a value of N$208.5 million, a 5.5% y/y increase in number and 29.9% y/y value terms. 58 additions worth N$14.5 million were completed in March.
New residential units were the second largest contributor to the total number and value of building plans approved with 63 new units worth N$41.8 million being registered, representing a 51.9% y/y decrease from the N$86.9 million worth of approvals in March 2021. On a 12-month cumulative basis, the number of residential units approved increased by 4.9% y/y to 842. While the number of new residential building plans approved during the first quarter were two more than during the same period last year, the value of these approvals fell by 28.3% y/y. 56 new residential units worth N$51.9 million were completed during the month.
2 New commercial and industrial units, valued at N$30 million were approved in March. This is 2 units fewer than approved in February, but an increase of 823.1% m/m and 328.6% y/y in value terms, although the increases are from a very low base. The increase in value is due to a N$25 million building plan submitted by Vivo Energy Namibia. Year-to-date, there have been 9 commercial and industrial building approvals valued at N$38.8 million. On a rolling 12-month perspective, the number of commercial and industrial building approvals has increased to 38 units worth N$195.7 million as at March, compared to the 25 approved units worth N$98.7 million over the corresponding period a year ago. Two commercial and industrial units worth N$7.6 million were completed in March.
The 12-month cumulative number of building plans approved increased by 4.9% y/y in March. A total of 2,473 building plans to the value of N$1.97 billion were approved over the last 12 months which represents an increase in value terms of 15.7% y/y. Additions to properties continue to make up the majority of the cumulative approvals at 64.4% in number terms. The number of commercial and industrial approvals has continuously remained in the single-digit territory since March 2020, indicating a lack of investment from businesses. The first quarter of the year saw total approvals generally in line with those of Q1 last year, recording an increase of only 3.9% y/y in number and 1.7% y/y in value terms. Completed building plans decreased by 27.7% y/y in value terms to N$1.06 billion on a 12-month cumulative basis.
