Residential real estate prices were higher by 4.4 percent year-on-year in Q3 2018 as the Residential Real Estate Price Index (RREPI) increased to 116.5 from 111.6 for the same quarter a year ago, the Bangko Sentral ng Pilipinas (BSP) revealed in a statement over the weekend.
Year-on-year (YoY) prices of townhouses, condominium units, and single detached housing units grew by 18.3 percent, 5.8 percent, and 0.2 percent, respectively. Similarly, prices of duplex units (which account for only 0.76 percent of total new housing units reported) also rose by 30.7 percent year-on-year. Quarter-on-quarter, the RREPI edged lower by 0.6 percent.
The RREPI measures the average change in prices of various types of housing units comprising of single detached house, duplex, townhouse, and condominium unit based on data from housing loans granted by universal, commercial, and thrift banks.
The average residential property prices in both National Capital Region (NCR) and Areas Outside NCR (AONCR) went up by 6.8 percent and 2.2 percent, respectively, compared to year-ago prices.
In NCR, price increases were observed across all types of housing units. Meanwhile, the growth in prices of townhouses, duplex housing units, and condominium units outweighed the slight decline in prices of single detached houses in AONCR.
For Q3 2018, seven in 10 (71 percent) residential real estate loans (RRELs) were for the acquisition of new housing units. By type of housing unit, 53.2 percent of residential property loans were for the purchase of condominium units, followed by single detached units (38.3 percent), and townhouses (7.6 percent).