Average prices of residential real estate units declined in the second quarter from the first quarter, pulled down by lower prices of single detached houses, the Bangko Sentral ng Pilipinas said over the weekend.
Data from the Bangko Sentral showed that while prices of condominium units and townhouses rose 5.1 percent and 2.9 percent, respectively from the previous quarter, prices of single detached housing units fell 9.9 percent during the period.
“This drove the decline in the residential real estate price index [RREPI] for the second quarter of 2017 by 4.6 percent to 116.6 from 122.2 for the same quarter a year ago. Quarter-on-quarter, RREPI remained broadly steady,” the Bangko Sentral said.
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 the National Capital Region increased 2.5 percent while those of areas outside NCR declined 8.2 percent in the second quarter.