Residential real estate prices rose 2.1 percent in the first quarter from a year ago, driven by higher prices of townhouses and condominium units, according to the latest Residential Real Estate Price Index released by the Bangko Sentral ng Pilipinas.
Data showed the price index rose to 116.3 in the first quarter from 113.9 in the same period last year. Prices of townhouses and condominium units climbed 13.8 percent and 2 percent year-on-year, respectively.
Meanwhile, prices of single detached housing units declined slightly by 0.6 percent. Quarter-on-quarter, the index declined 0.9 percent.
The price index measures the average change in prices of various types of housing units comprising of single detached/attached house, duplex, townhouse, and condominium unit based on data from housing loans granted by universal, commercial, and thrift banks.
The average residential property prices in both the National Capital Region and areas outside NCR rose 2.7 percent and 0.9 percent compared to year-ago prices, respectively.
Data showed that in the first quarter, about seven in 10 (or 73.5 percent) residential real estate loans were for the purchase of new housing units. By type of housing unit, 48.9 percent of residential property loans were for the acquisition of condominium units, followed by single detached units (43.2 percent) and townhouses (7.6 percent).
