Real estate prices recovered in the third quarter after two consecutive quarters of decline, the Bangko Sentral ng Pilipinas said Wednesday.
The BSP’s Residential Real Estate Price Index showed the nationwide house prices increased 6.3 percent year-on-year in the third quarter, following the 9.4-percent drop in the second quarter. This was partly due to the stronger consumer demand for residential property, particularly townhouses and condominium units, it said.
Nationwide property prices also rose 0.7 percent on a quarterly basis.
The BSP said the year-on-year increase was driven by the 11.4-percent growth in prices in the National Capital Region.”The considerable uptick in the NCR residential property prices was brought about by the rise in the prices of townhouse and condominium units, which outweighed the decline in the prices of single detached/attached houses in the NCR,” it said.
It said that in the case of duplex housing units in the NCR, no bank loans were granted and reported to the BSP in the third quarter.
Property prices in areas outside NCR also moved up by 4.9 percent year-on-year, as the growth in the prices of townhouses, duplex housing units and condominium units more than offset the drop in the prices of single detached/attached houses.
The BSP said that on a quarter-on-quarter basis, residential property prices grew 3.7 percent in the NCR, following the national trend, but fell by 0.4 percent in areas outside NCR.
Data showed that in the third quarter, the number of residential real estate loans granted for all types of new housing units in the Philippines jumped 51.1 percent year-on-year and 32.3 percent quarter-on-quarter.
The BSP said a similar trend was observed in NCR and areas outside the metropolis.
The purchase of new housing units accounted for 84.7 percent of residential real estate loans in the third quarter. By type of housing unit, most of the residential property loans were used for the acquisition of single detached/attached houses (43 percent), followed by condominium units (39.2 percent) and townhouses (17.1 percent).
Most of the RRELs granted in NCR were for the purchase of condominium units, while RRELs granted in AONCR were for the purchase of single detached/attached houses.
