The Bangko Sentral ng Pilipinas’ (BSP) residential real estate price index in the second quarter rose by double digits to a seven and a half year high as prices of all types of housing units went up.
The BSP’s index, which tracks the prices of residential housing units, reached 162.2 in the second quarter, 14.1 percent higher compared to its level a year ago.
The growth was also faster than the 2.6 percent recorded in the second quarter of 2022.
The latest housing price index is the highest in at least seven and a half years or since 2016, BSP data showed.
On a month-on-month basis, residential real estate prices nationwide grew by 5.3, according to the BSP.
The BSP attributed the overall increase to across-the-board hike in the prices of single-detached houses, townhouses, duplex and condominium units.
“On a year-on-year basis, residential property prices in the National Capital Region (NCR) and Areas Outside the NCR (AONCR) increased by 15.4 percent and 13.8 percent, respectively, as prices of single-detached/attached houses, townhouses, and condominium units posted annual positive increases,” the BSP said in a report on Thursday.
The BSP said the prices of duplex housing units rose by 24.6 percent year-on-year while single-detached/attached houses posted an 18.3 percent increase in prices.
Meanwhile, the prices of townhouses and condominium units grew by 14.7 percent and 5 percent, respectively on an annual basis, according to the BSP.
“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),” the BSP said.
The BSP report also showed that the number of residential real estate loans (RRELs) during the reference quarter declined by 1 percent year-on-year due to a double-digit contraction in the loans acquired in the NCR.
RRELs in the NCR declined by 11.8 percent, “outweighing” the 5.3 percent increase in RRELs in AONCR, according to the BSP.
“Likewise, on a [quarter-on-quarter] basis, the nationwide growth in housing loan availments fell by 4.2 percent, following the 6.3 percent drop in RRELs in the AONCR,” the BSP said.
The BSP said about 80 percent of RRELs recorded in the second period were used to buy new housing units, especially single-detached/attached houses followed by condominium units.
“Most of the RRELs granted in the NCR were for the purchase of condominium units, while RRELs granted in the AONCR were for the purchase of single-detached/attached houses,” it added.
The BSP said the average appraised value of new housing units nationwide in the second quarter reached P78,444 per square meter. In NCR, the average appraised value was pegged at P127,884 per square meter while those in AOCR was at P54,496 per square meter, according to the BSP.