Residential real estate prices in the Philippines rose 6.7% year-on-year in the fourth quarter of 2024, rebounding from a 2.3% contraction in the previous quarter, the Bangko Sentral ng Pilipinas (BSP) said.
Quarter-on-quarter, property prices climbed 5.3%, reversing a 1.6% decline in Q3, supported by gains across most housing segments.
Prices in areas outside the National Capital Region (AONCR) posted a strong 9.3% increase, led by all housing types except townhouses.
In contrast, property prices in Metro Manila declined 0.4% from a year earlier, although that was a marked improvement from the 14.6% fall in the previous quarter. The decline in townhouse prices weighed on the capital’s performance.
On a quarterly basis, prices in Metro Manila and AONCR rose by 5.7% and 4.8%, respectively.
By housing type, prices of single-detached or attached houses surged 12.8% year-on-year, while condominium unit prices increased 5.1%. Townhouse prices, however, fell 3.4%. All segments posted quarter-on-quarter gains.
Despite the rebound in prices, housing loan availments remained weak on an annual basis.
The number of residential real estate loans (RRELs) for new housing units declined 10.8% year-on-year, marking the third consecutive quarter of annual contraction.
Loan availments in Metro Manila and AONCR fell 5.4% and 13.7%, respectively.
Quarter-on-quarter, however, overall housing loan approvals jumped 34.3%, driven by increases of 42.7% in the NCR and 29.8% in AONCR.
Loans for single-detached or attached houses contracted 36.2% year-on-year nationwide, with Metro Manila posting a sharp 60.8% drop. However, the pace of quarterly decline moderated.
Loans for townhouses also declined 13.9% annually but rose 2.3% from the previous quarter. Loans for condominiums grew 7.5% year-on-year and surged 74.4% quarter-on-quarter, buoyed by strong demand in AONCR.
The average appraised value of new housing units nationwide reached PHP104,369 per square meter in Q4, up 17.2% from a year earlier. In Metro Manila, average prices rose 6.6% to PHP143,059 per sqm, while in AONCR, they jumped 25.8% to PHP81,983.
Single-detached or attached houses made up the largest share of the residential real estate price index (RREPI) at 41.5%, followed by condominium units at 35.2% and townhouses at 22.8%.
Property News Philippines
