Residential real estate prices went up 1.8 percent in the third quarter from a year ago, according to a study by the Bangko Sentral ng Pilipinas.
The Bangko Sentral said the Residential Real Estate Price Index rose to 111.6 in the third quarter from 109.6 in the same quarter a year ago.
Data showed that year-on-year, prices of townhouses and condominium units grew faster at 7.3 percent and 3.6 percent, respectively. Meanwhile, prices of single detached housing units grew at a slower rate of 0.8 percent.
RREPI measures the average change in prices of various types of housing units comprising of single detached/attached house, duplex, townhouse, and condominium unit based on data from housing loans granted by universal, commercial and thrift banks.
The average residential property prices in both the National Capital Region and areas outside NCR increased 2.2 percent and 1.8 percent from a year earlier, respectively.
The Bangko Sentral said that in the third quarter, about 76.7 percent of real estate loans were for the purchase of new housing units. By type of housing units, 48 percent of residential property loans were for the acquisition of condominium units, followed by single detached units (40.8 percent) and townhouses (10.8 percent).