Home National housing House prices continue to fall – BSP – Manila Bulletin

House prices continue to fall – BSP – Manila Bulletin

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Second-quarter house prices continued to decline, falling 9.4% year-on-year due to weak housing demand, especially in the National Capital Region (NCR), according to the Bangko Sentral ng Pilipinas (BSP).

The BSP Residential Property Price Index (RREPI) has declined over the past two quarters year-on-year. In the first quarter, house prices also contracted 4.2% year-on-year.

Housing prices on a quarterly basis, however, increased 4.8% due to higher prices for all types of housing units such as single / townhouses, duplexes, townhouses, and terraced units. joint ownership.

In addition to the pandemic’s effects on demand for residential properties, the BSP said the high base effects also pushed prices down year-over-year after peaking 26.6% in the second quarter of 2020, primarily due to a decrease in the proportion or weight of properties rated to less than 100,000 P per square meter.

Based on the latest RREPI, house prices in the NCR contributed to the decline as prices in the region fell 18.3% year-on-year. On a quarterly basis, house prices in the NCR and areas outside the NCR have increased.

“The 9.4% year-over-year decline in the national RREPI is mainly due to the drop in prices for condominiums and single-family / townhouses, to 14.3% and 7.4%, respectively,” said the BSP.

Property prices in the NCR have declined for four consecutive quarters due to negative price changes for single-family homes, condominiums and townhouses. In the case of duplex housing, the BSP noted that no bank loan was granted in the second quarter.

Real estate prices in non-RCN areas fell 0.6% year-on-year while quarter-on-quarter they increased 3.4% in the RCN and 5.1% in areas outside the NCR.

By type of housing, the drop over one year is largely due to the fall in the prices of condominiums and individual houses, said the BSP. This is the fourth quarter in a row that condominium prices have declined due to weak demand in the NCR. In the meantime, prices for duplexes have increased by 28.9% and townhouses by 15.1%.

The RREPI uses bank data on actual mortgages and measures the average price movement of different types of residential properties.

In the second quarter of this year, the BSP said residential mortgage loans for all types of new housing increased 82.3% year-on-year. Quarter-on-quarter, mortgage loans fell 3.6%.

About 79.1 percent of residential mortgage loans were used to purchase new homes and 49.5 percent were used to purchase condominiums. About 39.2 percent of the loans were used for single / townhouses and 10.3 percent for townhouses.

BSP said the majority of residential mortgage loans have been made in the NCR for the purchase of condominium units, while loans in areas outside the NCR have been used to purchase single / townhouses.

By region, 44.9% of loans were released in the NCR and the rest was distributed to CALABARZON (26.4%), Central Luzon (10.5%), Central Visayas (5.3%), Western Visayas (4.4%), Davao Region (3.2%). ) and northern Mindanao (1.2 percent).


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