Nationwide residential property prices in Philippines up by 12.4 pct in Q1, highest in 4 years

Source: Xinhua | 2020-06-27

Residential real estate prices of various types of housing units in the Philippines grew at a faster rate of 12.4 percent year-on-year in the first quarter of 2020 based on the residential real estate price index, the Philippine central bank said on Friday.

The Bangko Sentral ng Pilipinas (BSP) said this is the third consecutive quarter that the index has registered a double-digit growth, which is higher than the 10.2 percent growth in the previous quarter and 3.3 percent a year ago.

"This is also the highest growth rate since the first quarter 2016," the BSP said in a statement.

By area, the BSP said residential property prices increase year-on-year in both the National Capital Region (NCR) and in areas outside NCR (AONCR).

The BSP said residential property prices grew at a faster pace in NCR at 18.3 percent compared with those in AONCR at 8.5 percent.

"The brisker growth of property prices in NCR can be attributed to the higher increase in the prices of condominium units, which outweighed the decline in prices of single detached or attached houses, duplexes and townhouses," the BSP said.

Meanwhile, the BSP said growth in prices were recorded in all types of housing units in AONCR albeit at a slower pace in townhouses and condominium units.

By category of housing units, the BSP said residential property prices climb y-o-y across all types of dwelling.