The residential real estate prices in the country went up by 6.5 percent year-on-year and 4.6 percent quarter-on-quarter in the third quarter, the Bangko Sentral ng Pilipinas said Thursday.
The BSP said that based on the results of the latest residential real estate price index, residential property prices in Metro Manila went up by 17.5 percent in the third quarter from a year ago.
Prices in areas outside the National Capital Region also increased 2.3 percent.
“On a quarter-on-quarter basis, residential property prices rose by 14.6 percent in the NCR, but contracted by 0.4 percent in the areas outside NCR,” the BSP said.
Data showed that the costs of condominium units and single-detached/attached houses rose, offsetting the decrease in the prices of townhouses.
Prices of duplex housing units, condominium units and single-detached/attached houses contributed to the year-on-year growth in the nationwide price index, rising by 26.7 percent, 19.2 percent and 9.8 percent, respectively. Meanwhile, prices of townhouses declined 16.3 percent.
The BSP said the 4.6-percent quarter-on-quarter growth in the RREPI could be attributed to the higher prices of condominium units (by 12.0 percent), duplex housing units (by 3.4 percent), and single-detached/attached houses (by 2.7 percent). Meanwhile, prices of townhouses declined by 2.1 percent.
Residential real estate loans granted for all types of new housing units in the Philippines decreased 4.2 percent year-on-year in the third quarter, as loans in the NCR and in the provinces contracted by 2.0 percent and 5.7 percent, respectively.
The nationwide availment of housing loans rose 19 percent quarter-on-quarter, following the 32.0-percent and 11.5-percent growth in loans in the NCR and AONCR, respectively.
The average appraised value of new housing units in the Philippines reached P84,589 per square meter in the third quarter. The average appraised value per sq. m. in the NCR was at P139,283, higher than the average appraised value in other areas at P47,129.
Data showed that most of the residential property loans were used for the acquisition of single-detached/attached houses (47.5 percent), followed by condominium units (39.0 percent) and townhouses (13.0 percent).
