Metro Manila (CNN Philippines, March 25) – Prices of residential units rose anew in the last three months of 2021, according to latest figures from the Bangko Sentral ng Pilipinas released Friday.
The BSP reported a 4.9% jump in the Residential Real Estate Price Index (RREPI) during the fourth quarter, surpassing the 0.8% increase from October to December 2020.
The RREPI indicates change in prices of residential properties nationwide over a certain period, with the growth rate measuring house price inflation.
“This is consistent with the outcome of the Q4 2021 Consumer Expectations Survey (CES), which showed a higher percentage of consumers preferring to buy real estate property during the last quarter of 2021,” read the central bank’s statement.
The latest pace, however, is milder than the 6.3% expansion logged in the third quarter last year.
Price tags of houses inside and outside the National Capital Region (NCR) went up year-on-year. However, residential units in Metro Manila saw costs ease from 11.4% in the third quarter to 5% three months after. Still, the recent figure is better than the 4.8% drop in the fourth quarter of 2020.
Houses in areas outside NCR, meanwhile, saw prices go up 5.1% from the 4.9% rate the quarter prior. However, this is softer than the 5.9% climb in the comparable period in 2020.
Townhouses and condominium units again mainly pushed up home prices during the stretch.
Prices of townhouses rose 22.6% last quarter, breaching the 16.1% pace in the fourth quarter of 2020 but falling short of the 37.1% registered from July to September last year.
Condominium unit rates grew 10.4%, swinging from the 8.4% contraction three months before. However, it is milder than the 13.6% recorded in the third quarter.
