Prices of residential real estate rose 7.5 percent year-on-year in the second quarter, driven by higher prices in the provinces, the central bank said in a report.
Based on the nationwide Residential Property Price Index (RPPI) released on Friday, the rise in house prices in April to June eased from an annual rate of 7.6 percent for the first quarter.
Quarter-on-quarter, however, Bangko Sentral ng Pilipinas (BSP) data showed that the April-June prices accelerated by 4.2 percent, compared with the 2.6 percent quarterly growth in the January to March first quarter.
The BSP said areas outside of the national capital region (AONCR) contributed to the higher RPPI with an 11.5 percent increase, compared with a 2.4 percent rise in NCR prices.
The latest provincial property prices were higher than the first quarter’s 3 percent, while the NCR prices dropped from 13.9 percent in the first three months.
House prices in the Greater Manila Area rose 13.2 percent, the strongest growth since 2000, the BSP said.
In AONCR, Metro Cebu prices grew 11.5 percent; other areas in the Philippines rose 8.8 percent; and Metro Mindanao prices went up by 7.7 percent.
The BSP said prices were mixed, according to the housing type
Prices for single-attached or detached units, apartments, townhouses, and duplexes increased by 13.1 percent year-on-year in the second quarter, it said.
In the NCR, house prices increased by 14.3 percent year-on-year. However, condominium prices contracted 2.2 percent, compared with 14.2 percent growth recorded in January to March.
The RPPI, which is a measure of the average change in the prices of various types of housing units, source its data from banks’ actual mortgage loans for the acquisition of new housing units.
In the second quarter, real estate loans rose 14.7 percent year-on-year. Homebuyers took out loans to buy mostly condominiums, which showed a significant increase of 39.8 percent.
Loans to acquire houses expanded by 2.7 percent during the period.
By regional distribution, the CALABARZON region accounted for 33.2 percent of the total real estate loans, while the NCR accounted for 28.5 percent. The rest of the loans were from Central Luzon at 11.9 percent; Central Visayas at 8.8 percent; Western Visayas at 6.6 percent; Davao Region at 4.2 percent; and Northern Mindanao at 2.3 percent.
The BSP said the median price across all housing types stood at P3.41 million, with condominiums as the most expensive at P3.81 million. Houses cost an average P3.14 million.
Metro Manila houses showed an average price of P7.01 million, while houses in other areas were priced at P2.67 million.
