Philippine residential property prices rebounded in the fourth quarter of 2024, posting a 6.7 percent year-on-year growth after a 2.3-percent contraction in the third quarter, the Bangko Sentral ng Pilipinas (BSP) said Friday.
Quarter-on-quarter, prices also recovered, increasing by 5.3 percent following a 1.6 percent decline in the previous quarter, the BSP said.
The BSP said the uptick in residential property prices was more evident in areas outside the National Capital Region (AONCR) at 9.3 percent, driven by all housing types, except townhouses.
Residential property prices in the National Capital Region (NCR) recorded a marginal year-on-year contraction of 0.4 percent in the fourth quarter of 2024 from -14.6 percent in the third quarter of 2024.
“This was primarily driven by decline in townhouse prices, which effectively offset the price increases in single-detached/attached houses and condominium units,” the BSP said.
The BSP said that on a quarter-on-quarter basis, residential property prices in the NCR and AONCR rose by 5.7 percent and 4.8 percent, respectively.
By housing type (excluding duplex housing units), single-detached/attached houses posted the highest growth rate of 12.8 percent in the fourth quarter of 2024, followed by a 5.1-percent growth in condominium units.
Townhouses recorded a 3.4-percent contraction from a year ago.
The BSP said the number of residential real estate loans (RRELs) granted for new housing units in the Philippines continued to contract in the fourth quarter, but at a slower pace.
It said the decline softened to -10.8 percent from -15.7 percent in the third quarter of 2024. Loans granted in the NCR decreased by 5.4 percent in Q4 2024 compared with the more negative reading of -20.3 percent in the third quarter.
Meanwhile, the decline in AONCR loans granted was almost unchanged at -13.7 percent from -13.0 percent in the previous quarter.