The Bangko Sentral ng Pilipinas (BSP) said residential real estate prices went up by 4.4% year-on-year in the third quarter of 2018 based on the bank reports on residential real estate loans granted for the period.
The BSP said the Residential Real Estate Price Index (RREPI) increased to 116.5 from 111.6 for the same quarter a year ago.
The highest year-on-year increase was noted in the prices of townhouses, which went up by 18.3 percent in the third quarter. Prices of condominium units increased by 5.8 percent while prices of single detached housing units rose by 0.2 percent.
On a quarterly basis, however, prices of townhouses, condominium units and single detached housing units went down by 0.2 percent, 1.8 percent and 0.8 percent, respectively.
The RREPI measures the average change in prices of various types of housing units comprising of single detached house, duplex, townhouse, and condominium units based on data from housing loans granted by universal, commercial, and thrift banks.
The central bank said price indices for duplex units exhibit more volatility due to the relatively small number of reported real estate loans.
The average residential property prices in the NCR in the third quarter increased by 6.8% year-on-year, but declined by 0.2 percent compared the the second quarter.
In areas outside NCR, residential property prices went by 2.2 percent year-on-year, but declined by 1.3 percent from the second quarter.
View: Residential Real Estate Price Index
More than half, or 57.4%, of the residential real estate loans (RREL) granted in the third quarter went to borrowers in the National Capital Region.
In areas outside NCR, Central Visayas came in third among six regions which, together with the NCR, accounted for the bulk of the housing loans granted by banks during the period.
CALABARZON - Calamba, Laguna, Batangas, Rizal and Quezon - accounted for 23.4% of the total bank housing loans, followed by Central Luzon with 5%, Central Visayas with 4.2%, Western Visayas with 3.3%, Davao Region with 2.4% and Northern Mindanao with 1.4 percent.
“Together, the NCR and the six other regions accounted for 97.1 percent of total housing loans granted by banks,” the central bank said.
Seven in 10, or 71% of, RRELs were for the acquisition of new housing units. Half of these loans, or 53.2%, were for condominium units while 38.% were for single detached units and 7.6% for townhouses. (Ventures Cebu)