Housing prices up 6.1% in Q1

Housing prices up 6.1% in Q1
SunStar Business

HOUSING prices rose 6.1 percent in the first quarter of the year, the Bangko Sentral ng Pilipinas said, although at a slightly slower pace than the 6.5 percent growth in the fourth quarter of 2023.

Housing prices in the National Capital Region rose by 2.8 percent, as the growth in the prices of townhouses and condominium units outweighed the decline in the prices of single-detached/attached houses.

Likewise, residential property prices in areas outside NCR (AONCR) grew by 7.4 percent, driven by annual increases in the prices of all types of housing units.

By housing type (excluding the duplex housing units), condominiums registered the highest growth rate at 10.2 percent, followed by townhouses at 5.6 percent and single-detached/attached houses at 5.1 percent.

Housing loans

Meanwhile, housing loans granted for all types of new housing units grew 8.9 percent in the first quarter, with those from the NCR and AONCR growing by 3.2 percent and 11.4 percent, respectively.

The total number of loans released for the quarter went up by five percent.

The appraised value of new housing units averaged P82,260 per square meter (sqm) in the first quarter, registering an 11.6 percent growth from the same period last year.

Likewise, the average appraised value per square meter in the NCR increased by 7.9 percent year-on-year. In the same way, the average appraised value per square meter in AONCR expanded by 18.9 percent.

Moreover, in the first quarter of 2024, 83.5 percent of the housing loan transactions were used to purchase new housing units.

By type of housing unit, most of the residential property loans were used for the acquisition of single-detached/attached houses at 43 percent, followed by condominium units (34.7 percent) and townhouses (22 percent).

Most of the housing loans granted in the NCR were for the purchase of condominium units, while loans granted in AONCR were for the purchase of single-detached/attached houses.

By region, 26.3 percent of the total number of loans granted were from the NCR. The other regions that contributed significantly to the number of loans granted were as follows: Calabarzon (34 percent), Central Luzon (13.3 percent), Western Visayas (6.6 percent), Central Visayas (6.1 percent), Davao Region (4.8 percent), and Northern Mindanao (two percent).

The regions, including the NCR, comprised 93.1 percent of the total housing loans granted by banks. / KOC

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