Residential Real Estate prices up by 11.3 %-BSP

Residential real estate prices expanded by 11.3 % in Q2 2016, the Bangko Sentral ng Pilipinas (BSP) revealed last Friday.

From the recorded 110.3 residential real estate price index (RREPI) in the same quarter last year, the RREPI rose to 122.8 this second quarter. The annual growth in residential real estate prices was higher than the 9.4 percent increase posted a quarter ago. 

According to BSP, single detached housing units registered the highest growth in prices (18.6 percent) followed by townhouses (14.7 percent). Meanwhile, the prices of condominium units decreased marginally (-0.1 percent).

"Growth in residential real property prices accelerated in AONCR by 18.4 percent but moderated in NCR to 2.7 percent in Q2 2016," the central bank added.

The increments can be attributed to the higher rates of increase in prices of single detached housing units and townhouses in AONCR compared to those of NCR. Moreover, the prices of condominium units edged lower in NCR but increased slightly in AONCR.

Source: Bangko Sentral ng Pilipinas