Residential real estate prices are up in the first quarter of 2022 on increasing demand as the economy recovers from the impact of the global health crisis, the latest survey of the Bangko Sentral ng Pilipinas shows.
The Residential Real Estate Price Index (RREPI) rose 5.6 percent from a year ago, although it declined 1 percent from the previous quarter.
“The year-on-year increase in the RREPI is consistent with the outcome of the First Quarter 2022 Consumer Expectations Survey, which showed a higher percentage of consumers preferring to buy real estate property in the first quarter of 2022,” the BSP said in a statement Thursday.
Residential property prices in the National Capital Region climbed 9.5 percent on year, primarily driven by the increase in the prices of condominium units and townhouses, which more than offset the decrease in the prices of duplex housing units and single-detached/attached houses.
Property prices in the areas outside NCR rose 5 percent year on year as all types of housing units registered an upturn, except for single-detached/attached houses, which posted a decline.