HIGHER PRICES. Residential real estate prices in the country went up by 10.2 percent annually in the first quarter of 2023, latest Residential Real Estate Price Indices showed. The average appraised value of new housing units was at PHP73,724 per square meter. (PNA file photo)
MANILA – Residential real estate prices went up year-on-year in the first quarter of 2023 but registered slower growth quarter-on-quarter.
Residential Real Estate Price Indices (RREPI) data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed a 10.2 percent year-on-year expansion in real estate prices nationwide.
Quarter-on-quarter growth, however, slowed to 1.4 percent from the 2.2 percent expansion in the fourth quarter of 2022.
Growth in residential property prices in the National Capital Region (NCR) slowed to 7.3 percent.
According to BSP, "the price decline in condominium units dampened the price increases in duplexes, single-detached or attached houses, and townhouses."
On the other hand, residential property prices in the Areas Outside the NCR (AONCR) rose by 11.4 percent with prices of all types of housing units rising, except for those of townhouses.
Quarter-on-quarter, residential property prices grew by 4.4 percent in the AONCR but contracted by 4.3 percent in the NCR.
Nationwide, prices of duplex housing units led the increase in the RREPI at 22.1 percent, followed by single-detached/attached houses, 17.0 percent; townhouses, 1.8 percent; and condominium units, 1.2 percent.
Meanwhile, the report said the number of residential real estate loans (RRELs) for all housing types of new housing units grew by 16 percent year-on-year in the first quarter as RRELs in the NCR and AONCR increased by 16.5 percent and 15.7 percent, respectively.
"However, on a QoQ (quarter-on-quarter) basis, the nationwide growth in housing loan availments fell by 9.1 percent, following the 13.2 percent and 7.1 percent drop in RRELs in the NCR and AONCR, respectively," the BSP said.
It said the average appraised value of new housing units in the country stood at PHP73,724 per square meter (sqm) in the first quarter of 2023.
The average appraised value per sqm in the NCR was at PHP123,053, higher than both the national average and the average appraised value in the AONCR at PHP51,459. (PNA)
