Residential real estate prices rose 4.4 percent in the third quarter from a year ago, driven by increases in the prices of townhouses, condominiums and single-detached housing units, the Bangko Sentral ng Pilipinas said in a report over the weekend.
The residential real estate price index climbed to 116.5 in the third quarter from 111.6 in the same period last year. Data showed that year-on-year prices of townhouses, condominium units and single detached housing units grew 18.3 percent, 5.8 percent and 0.2 percent, respectively.
Similarly, prices of duplex units (which account for only 0.76 percent of total new housing units reported) jumped 30.7 percent year-on-year. However, quarter-on-quarter, the price index edged lower by 0.6 percent.
RREPI measures the average change in prices of various types of housing units comprising of single detached 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 the metropolis went up by 6.8 percent and 2.2 percent, respectively, compared to year-ago prices.
“In NCR, price increases were observed across all types of housing units. Meanwhile, the growth in prices of townhouses, duplex housing units, and condominium units outweighed the slight decline in prices of single detached houses in AONCR,” the BSP said.
For third quarter of 2018, seven in 10 (71 percent) of residential real estate loans were for the acquisition of new housing units. By type of housing units, 53.2 percent of residential property loans were for the purchase of condominium units, followed by single detached units (38.3 percent), and townhouses (7.6 percent).
By area, majority of the loans granted in the NCR were for the purchase of condominium units, while loans granted in the provinces were for single detached houses.
NCR accounted for 57.4 percent of the total number of loans granted in the third quarter, followed by Calabarzon (23.4 percent), Central Luzon (5 percent), Central Visayas (4.2 percent), Western Visayas (3.3 percent), Davao Region (2.4 percent) and Northern Mindanao (1.4 percent).