MANILA – Residential real estate prices of various types of new housing units in the Philippines continued to increase in the second quarter of the year but at a slower pace than the expansion in the same period last year.
Residential Real Estate Price Indices (RREPI) data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed a 2.7 percent increase in the second quarter, slower than 14.1 percent seen in 2023.
It was also lower than the 6.1 percent growth in the first quarter of the year.
On a quarter-on-quarter (QoQ) basis, however, housing prices grew faster at 1.8 percent than the 1.1 percent growth in the first quarter of 2024.
Residential property prices in the National Capital Region (NCR) contracted by 1.0 percent in the second quarter.
The BSP said the "decline in the prices of single-detached/attached houses outweighs the increase in the prices of townhouses and condominium units."
On the other hand, residential property prices in Areas Outside the NCR (AONCR) went up by 4.2 percent, mainly driven by the annual price increases in duplex housing units, single-detached/attached houses, and condominium units, which surpassed the decline in townhouse prices.
On a Qo basis, residential property prices in the NCR and AONCR rose by 3.8 percent and 1.2 percent, respectively.
By housing types, condominiums recorded the highest growth rate at 10.6 percent in the second quarter, followed by single-detached/attached houses at 1.7 percent.
"Meanwhile, townhouses registered a contraction of 0.8 percent," said the BSP.
The report, meanwhile, said that the number of residential real estate loans (RRELs) granted for all types of new housing units in the Philippines contracted by 3.5 percent.
Loans granted in the NCR decreased by 9.2 percent, while those in AONCR slightly declined by 0.8 percent.
The BSP said that in second quarter, the appraised value of new housing units in the country averaged PHP83,759 per square meter (sqm), up by 6.8 percent and 1.8 percent from the comparable year-ago and quarter-ago levels, respectively.
The average appraised value per sqm in the NCR increased by 9.6 percent to PHP140,158 per sqm while the average appraised value per sqm in AONCR expanded by 7.8 percent to Php58,741. (PNA)
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