The residential real estate prices of various types of new housing units in the Philippines grew 10.2 percent in the first quarter of 2023 from a year ago.
Prices also increased 1.4 percent quarter-on-quarter, the Bangko Sentral ng Pilipinas said Friday.
“On a year-on-year basis, growth in residential property prices in the National Capital Region slowed to 7.3 percent as the price decline in condominium units dampened the price increases in duplexes, single-detached/attached houses, and townhouses,” the BSP said.
It said in areas outside the NCR, residential property prices rose 11.4 percent.
“On a quarter-on-quarter basis, residential property prices expanded by 4.4 percent in the AONCR, but contracted by 4.3 percent in the NCR,” it said.
By housing type, prices of duplex housing units, single-detached/attached houses, townhouses and condominium units contributed positively to the year-on-year growth in the nationwide RREPI as the indices increased by 22.1 percent, 17.0 percent, 1.8 percent, and 1.2 percent, respectively.
Meanwhile, the 1.4 percent quarter-on-quarter growth in the RREPI was attributed to the higher prices of single-detached/attached houses (by 4.7 percent) and townhouses (by 3.8 percent).
Prices of duplex housing units and condominium units declined 16.4 percent and 5.1 percent, quarter-on-quarter, respectively.
The BSP said the number of residential real estate loans (RRELs) granted by banks for all types of new housing units grew by 16 percent year-on-year as loans in the NCR and AONCR increased by 16.5 percent and 15.7 percent, respectively.
It said on a quarter-on-quarter basis, the nationwide growth in housing loan availments fell 9.1 percent, following the 13.2-percent and 7.1-percent drop in RRELs in the NCR and AONCR, respectively.
The average appraised value of new housing units in the country reached P73,724 per square meter in the first three months. The appraised value per sq. m. in the NCR was P123,053, higher than both the national average and the average appraised value in AONCR at P51,459.