The Bangko Sentral ng Pilipinas (BSP) reported that residential real estate prices in the country rose by 1.8 percent (%) in the third quarter of 2017 as the Residential Real Estate Price Index (RREPI) rose to 111.6 from 109.6 in the same period in 2017.
"Year-on-year, prices of townhouses and condominium units grew faster at 7.3% and 3.6% compared to the previous quarter, respectively. Meanwhile, prices of single detached housing units grew at a slower rate of 0.8 percent," BSP said in a report posted online.
The RREPI of townhouses increased to 107.8 from 100.5 while condominium units grew to 131 from 126.4. Single detached housing units grew to 103.4 from 102.6.
"RREPI measures the average change in prices of various types of housing units comprising of single detached/attached house, duplex, townhouse, and condominium unit based on data from housing loans granted by universal, commercial, and thrift banks," BSP said, adding that the growth rate of the index measures the house price inflation.
Meanwhile, BSP also noted residential real estate prices of areas outside the National Capital Region (NCR) grew by 1.8% to 108.1 from 106.2
The RREPI of single detached houses, townhouses, and condominium units grew while that of duplexes declined.
Single detached houses grew by 1.4% 106.2 from 104.7; townhouses by 2.6% to 112.4 from 109.6; and condominium units by 13.1% to 130.2 from 115.1. Duplexes declined by 5.7% to 115.2 from 122.1.
In terms of the profile of residential real estate loans for the third quarter of 2017, BSP said 76.7% real estate loans were for the purchase of new housing units.
"By type of housing unit, 48% of residential property loans were for the acquisition of condominium units, followed by single detached units (40.8%) and townhouses (10.8%)," BSP said.
By area, condominium units were the most common house purchases in NCR while single detached houses were prevalent in areas outside NCR. By region, NCR accounted for 47.4% of the total number of residential real estate loans granted during the quarter, followed by Calabarzon (29%), Central Luzon (6.4%), Central Visayas (5.2%), Western Visayas (4.3%), Davao Region (3%) and Northern Mindanao (1.6%).
"Together, these seven regions accounted for 96.9 percent of total housing loans granted by banks," BSP said.