DAVAO is among the regions where there is a high rate of individuals availing of real estate loans, according to Bangko Sentral ng Pilipinas’ report on the third quarter (Q3) residential real estate prices.
According to its Residential Real Estate Price Index (RREPI) report, Davao Region accounted for 2.8 percent of the combined housing loans in the whole country, which includes the National Capital Region (NCR) and six Areas Outside NCR (AONCR), despite a price hike of 4.9 percent in the 3rd quarter of 2019 compared to its prices in the same period in 2018.
The increase in prices was noted in all types of residential properties in AONCR.
The report also showed those living in AONCR, which includes Davao Region, availed housing loans to purchase mostly single-detached or attached houses which had a growth rate of 2.4 percent.
The report also revealed that condominium units have the highest growth rate in Q3 2019 since first quarter (Q1) of 2016 at 29.1 percent. Duplexes followed at 24.8 percent and townhouses at 6 percent.
“On a quarter-on-quarter (q-o-q) basis, the RREPI rose by 9.5 percent, with all types of housing units registering price increases over the quarter,” the report noted.
NCR posted the largest housing loans comprising 48.7 percent of the total number of loans granted by the banks during the quarter.
It is then followed by Calabarzon (25.1 percent), Central Luzon (7.6 percent), Central Visayas (6.5 percent), Western Visayas (3.6 percent), Davao Region (2.8 percent) and Northern Mindanao (2.3 percent).
The total housing loans granted by the banks to these areas accounted for 96.6 percent.
The RREPI is a measure of the average change in the prices of various types of housing units such as single-detached/attached houses, duplexes, townhouses, and condominium units, based on banks’ data on loans used to acquire new housing units.