Housing prices sustained the double-digit growth in the third quarter of 2023 despite the lower demand for real estate loans, according to the Bangko Sentral ng Pilipinas.
Results of a BSP survey showed that prices of various types of new housing units in the Philippines rose 12.8 percent year-on-year in the third quarter, slower than 14.9-percent rise in the second quarter.
Residential property prices in the National Capital Region (NCR) and areas outside the NCR (AONCR) went up by 12.3 percent and 14.3 percent, respectively. Prices of single-detached/attached houses, condominium units and townhouses posted annual increases.
The BSP said that on a quarter-on-quarter basis, residential property prices grew 11.5 percent and 0.1 percent in the NCR and AONCR, respectively.
It said that by housing type, prices of duplex housing units registered the highest growth rate in the third quarter at 57.7 percent, followed by single-detached/attached houses at 16.8 percent, townhouses at 9.3 percent, and condominium units at 8.3 percent.
Meanwhile, the number of residential real estate loans (RRELs) granted for all types of new housing units in the Philippines fell 1.8 percent year-on-year, as those from the NCR contracted by 11.9 percent, outweighing the 5.1-percent growth in AONCR.
Nationwide housing loan availments grew by 18 percent quarter-on-quarter, following the 31.9-percent and 11.3-percent increase in the number of RRELs in the NCR and AONCR, respectively.
The average appraised value of new housing units amounted to P92,168 per square meter (sq. m.), with a 9 percent and 17.5 percent growth over comparable year- and quarter-ago levels, respectively.
Meanwhile, the average appraised value per sq. m. in the NCR increased by 12.4 percent year-on-year and 22.4 percent quarter-on-quarter to P156,530 per sq. m.
Elsewhere, the appraised value per sq. m. expanded by 17.1 percent YoY and 1.3 percent QoQ, to an average of P55,202.