RESIDENTIAL real estate prices of housing units in the Philippines climbed by double digits in 2023 mainly driven by higher prices of single-detached or attached houses, data released by the Bangko Sentral ng Pilipinas (BSP) showed.
The Residential Real Estate Price Index (RREPI) of the central bank found that prices of various types of housing units rose by 6.5% in the fourth quarter of 2023, slower than the 12.9% increase in the third quarter, 14.1% in the second quarter, and 10.2% in the first quarter.
Prices of single-detached or attached houses increased by 5.1%, townhouses by 0.9%, and condominium units by 1.1%, while those of duplexes declined by 0.1%.
The BSP said the number of residential real estate loans (RRELS) granted for all types of new housing units increased by 30.5% year-on-year in the fourth quarter, with those in the National Capital Region (NCR) up by 38.5%, and those outside the NCR by 26.6%.
Total RRELs granted increased by 25.2%, with the NCR posting a 25.8% growth and areas outside NCR with 25%.
The appraised value of new housing units averaged P89.042 per square meter during the quarter, reflecting a 19.1% increase from the comparable period in 2023.
The average appraised value per square meter in NCR posted a 5.5% annual growth to P134,178 per square meter, more than double those in areas outside the NCR which climbed by 31.8% to P65,186.
Bulk or 8.4% of RRELS during the quarter were used to purchase new housing units, with most used to acquire single-detached or attached houses and condominium units both at 42.6%, followed by townhouses at 14.7%.
The latest data brought full-year prices up by 10.9% in 2023, with single-detached and attached houses up by 8.2%, duplexes up 0.1%, townhouses by 1.6%, and condominium units by 1.1%.
In the NCR, prices increased by 2.7% — single-detached or attached houses by 1.5%, townhouses by 0.6%, and condominium units by 0.5%, while duplexes were flat.
Prices of residential real estate grew by 8.5% outside the NCR — single-detached or attached houses by 6.6%, townhouses by 1.0%, and condominium units by 0.6%. Duplex prices were flat.
Data for the RREPI were sourced through universal, commercial, and thrift banks in the country which are required to submit a quarterly report on all RRELs granted to the central bank on a quarterly basis.
It is computed using the averaged appraised value per square meter, weighted by the share of floor area of each type of housing unit to the total floor area of all housing units. (GMA Integrated News)
