The Bangko Sentral ng Pilipinas (BSP) reported that residential property prices in the Philippines contracted for the first time in three years during the third quarter. The Residential Real Estate Price Index fell by 2.3 percent, with duplex housing units experiencing the most significant decline at 48.1 percent. Condominium prices also dropped by 9.4 percent, while single-detached/attached and townhouse prices saw more modest increases.
RESIDENTIAL property price growth contracted for the first time in three years in the third quarter, the Bangko Sentral ng Pilipinas reported late last Friday.The Residential Real Estate Price Index fell by 2.3 percent for the three-month period, reversing from the 2.7-percent and 12.9-percent expansions, respectively, seen in the second quarter and a year earlier.Quarter on quarter, housing prices were down 1.6 percent after growing by 1.8 percent in April to June.
Compared to the previous quarter, housing prices fell by 3.7 percent and 1.0 percent, respectively, in the NCR and elsewhere.Meanwhile, residential real estate loans for new housing plunged by 15.7 percent from a year earlier. Broken down, the drop was a larger 20.3 percent in the NCR and hit 13.0 percent outside the metropolis.
Real Estate Philippines Property Prices Housing Market BSP
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