Housing prices in the Philippines rose at a slower pace in the second quarter of 2024 compared to the previous period, the Bangko Sentral ng Pilipinas (BSP) said Friday.
The BSP said residential property prices rose 2.7 percent year-on-year, slower than the 6.1 percent growth in the first quarter of this year. It said that on a quarter-on-quarter (QoQ) basis, housing prices grew faster at 1.8 percent than the 1.1 percent growth in the first quarter of 2024.
The BSP said that on a year-on-year basis, residential property prices in the National Capital Region (NCR) contracted by 1 percent in the second quarter with the decline in the prices of single-detached/attached houses outweighing the increase in the prices of townhouses and condominium units. Residential property prices in areas outside the NCR increased by 4.2 percent.
“This growth was driven by the annual price increases in duplex housing units, single-detached/attached houses, and condominium units, which surpassed the decline in townhouse prices,” the BSP said.
Data show that the appraised value of new housing units in the Philippines averaged P83,759 per square meter (sqm).
The average appraised value per sqm in the NCR increased by 9.6 percent year-on-year to P140,158, while the average appraised value per sqm in areas outside NCR expanded by 7.8 percent year-on-year to P58,741.
It said that on a quarter-on-quarter basis, residential property prices in the NCR and AONCR rose by 3.8 percent and 1.2 percent, respectively.
By housing type (excluding the duplex housing units), condominium registered the highest YoY growth rate of 10.6 percent in the second quarter, followed by a 1.7 percent growth in single-detached/attached houses. Meanwhile, townhouses registered a contraction of 0.8 percent.
“Prices of condominium units grew the fastest at 4.2 percent, followed by single-detached/attached houses at 3.2 percent, while duplex housing units and townhouses registered a 2.3 percent and 2.6 percent decline, respectively,” the BSP said.
The number of residential real estate loans (RRELs) granted for all types of new housing units in the Philippines contracted by 3.5 percent in the second quarter of the year. Loans granted in the NCR decreased by 9.2 percent, while those in AONCR declined marginally by 0.8 percent. On a QoQ basis, nationwide housing loan availments fell by 15.1 percent, following the decline in the NCR and AONCR of 11.5 percent and 16.6 percent, respectively.
