September 27, 2024 | 3:33pm
MANILA, Philippines — Real estate prices in the Philippines continued to rise in the second quarter of the year, the Banko Sentral ng Pilipinas (BSP) said on Friday, September 27.
Residential property prices rose by 2.7% when compared to the previous time frame in 2023. This is a slower rise than the year-on-year growth of the first quarter, which was at 6.1%.
On a quarter-to-quarter basis, housing prices grew by 1.8% this quarter when compared to quarter one, which was at 1.8%.
Residential property in the National Capital Region (NCR) decreased by 1% in the second quarter of 2022 on a year-on-year basis.
“By contrast, residential property prices in Areas Outside the NCR increased by 4.2%. 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 in a statement.
According to the BSP’s data, condominium units had the highest year-on-year growth rate in the second quarter at 10.6%. Single houses (detached or attached) grew by 1.7%. Townhouses registered a contraction of 0.8%.
Despite the increase in prices, the number of residential real estate loans granted to purchase new houses contracted by 3.5% year-on-year. On a quarterly basis, the number of loans is even lower by 15.1%.
At present, the appraised value of new housing units in the Philippines amounted to P83,759 per square meter.
Broken down per area, the appraised value of housing units in Metro Manila is Php140,158 per square meter. For areas outside of Metro Manila, the average appraised value is P58,741 per square meter.
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