The prices of various types of new housing units rose 14.1 percent year-on-year in the second quarter of 2023, faster than the 10.2-percent rise in the first quarter, the Bangko Sentral ng Pilipinas said Thursday.
It said home prices went up by 5.3 percent quarter-on-quarter in the April to June period.
Data showed that residential property prices in the National Capital Region and Areas Outside the NCR (AONCR) increased by 15.4 percent and 13.8 percent, respectively, on a year-on-year basis, as prices of single-detached/attached houses, townhouses and condominium units posted annual positive increases.
Residential property prices expanded by 7.7 percent in NCR and 4.4 percent in AONCR on a quarter-on-quarter basis.
“By housing type, prices of duplex housing units, single-detached/attached houses, townhouses and condominium units contributed positively to the YoY growth of the nationwide RREPI [residential real estate price index] as the indices increased by 24.6 percent, 18.3 percent, 14.7 percent, and 5 percent, respectively,” the BSP said.
“Moreover, the 5.3 percent quarter-on-quarter growth in the RREPI was attributed to the higher prices of all housing units, i.e., single-detached/attached houses [by 6.7 percent], duplex housing units [by 4.8 percent], condominium units [by 3.8 percent], and townhouses [by 3.7 percent],” it said.
Meanwhile, the number of residential real estate loans (RRELs) granted for all types of new housing units in the Philippines declined by 1 percent year-on-year in the second quarter, as RRELs in the NCR contracted by 11.8 percent, outweighing the 5.3 percent growth in RRELs in the AONCR.
The nationwide growth in housing loan availments fell 4.2 percent on a quarter-on-quarter basis, following the 6.3 percent drop in RRELs in the AONCR.
The average appraised value of new housing units in the country was P78,444 per square meter in the second quarter. The average appraised value per sqm in the NCR was at P127,884, higher than both the national average and the average appraised value in the AONCR at P54,496.
The weight of each type of housing unit in the RREPI is determined by dividing the total floor area (in sqm) of a specific type of housing unit over the total floor area of all housing types.
Meanwhile, condominium units, townhouses, and duplex housing units accounted for 23.7 percent, 23.2 percent and 0.6 percent, respectively.
Around 78.9 percent of residential real estate loan transactions in the second quarter were used to purchase new housing units.