Residential real estate prices increased by 10.4 percent in the third quarter from a year ago, the Bangko Sentral ng Pilipinas said over the weekend.
The BSP said in a statement housing prices, as measured by the residential real estate price index,
picked up from the 0.4-percent growth in the second quarter and 4.5 percent a year ago. This was also the highest growth rate observed since the first quarter of 2016.
“The increase in property prices was evident across all types of housing units. Prices of condominium units in Q3 2019 registered the highest growth rate since Q1 2016 at 29.1 percent. This was followed by duplexes at 24.8 percent, single detached/attached houses at 2.4 percent and townhouses at 6 percent,” the BSP said.
Data showed that on a quarter-on-quarter basis, the price index rose by 9.5 percent, with all types of housing units registering price increases over the quarter.
The average residential property prices in the third quarter in both the National Capital Region and areas outside NCR increased by 22.2 percent and 4.9 percent, respectively, compared to their costs a year earlier.
“In the NCR, the increase in prices of duplexes and condominium units outweighed the decline in prices of single detached houses and townhouses. Meanwhile, price increases were observed across all types of housing in AONCR,” the BSP said.
The BSP said that in the third quarter, the purchase of new housing units accounted for 74 percent of residential real estate loans. By type of housing units, more than half (51.8 percent) of residential
property loans were used for the acquisition of condominium units, followed by single detached/attached houses (38.1 percent) and townhouses (9.5 percent).
Most of the RRELs granted in NCR were intended for the purchase of condominium units (43.1 percent), while RRELs granted in AONCR were mostly obtained for the purchase of single detached/attached houses (35.5 percent).
By region, NCR accounted for 48.7 percent of the total number of RRELs granted in the quarter, followed by CALABARZON (25.1 percent), Central Luzon (7.6 percent), Central Visayas (6.5 percent), Western Visayas (3.6 percent), Davao Region (2.8 percent) and Northern Mindanao (2.3 percent).