Residential property prices inch up in Q4 2018 – BSP
MANILA, Philippines – Residential property prices in the Philippines posted a 0.5% year-on-year increase in the last quarter of 2018, according to the Bangko Sentral ng Pilipinas (BSP).
In a statement sent late Friday, March 29, BSP reported that the Residential Real Estate Price Index (RREPI) went up to 118 in the 4th quarter of 2018 from 117.4 in the 4th quarter of 2017.
In a quarterly comparison, the RREPI increase was higher, going up by 1.3%.
"For full year 2018, residential property prices, on average, grew by 2.9% compared to the previous year," BSP said.
The RREPI shows the average change in prices for various residential-type of properties, such as condominium units, single detached houses, duplexes, and townhouses.
The BSP collects this from the housing loans taken from universal, commerical, and thrift banks. For the last quarter of 2018, 75% of the loans were for acquiring new housing units, the bulk of which were condominium units.
The National Capital Region (NCR) also took up most of the loan portfolio, BSP reported.
In the last quarter of 2018, prices for townhouses and condominium units increased year-on-year by 11.4% and 0.6%, respectively. Single detached houses and duplexes posted a year-on-year decline by 1.9% and 3.7%, respectively.
In terms of area, only NCR increased year-on-year increase by 1.6%. The BSP said that this is because of the increase of prices of single detached houses and townhouses despite the drop of prices in duplexes.
Residential properties areas outside NCR, however, saw a decline in prices. This is due to the drop in prices for single detached houses offsetting the higher prices for duplexes, townhouses, and condominium units. – Rappler.com