DHSUD raises economic housing price to P2.5 million

The real estate stakeholders affiliated with the National Real Estate Association (NREA) have welcomed the recent signing of the department order adjusting the economic housing price ceiling.

The Department of Human Settlements and Urban Development (DHSUD) has increased the price ceiling for economic housing from P1.7 million to P2.5 million, which was determined after their extensive consultation with the National Economic and Development Authority (NEDA).

The new price ceiling was signed by DHSUD secretary Eduardo del Rosario last 3 June 2022.

“Wherefore, premises considered, pursuant to Section 23 of Republic Act No. 11201 and to the Joint Determination by the Department of Human Settlements and Urban Development and the National Economic and Development Authority dated May 16, 2022, the economic housing price ceiling is hereby revised, determined and set at P2.5 million provided that the foregoing revised price ceiling shall only apply to economic housing units of projects licensed upon effectivity of this Order. Provided, however, unsold and unconstructed economic housing units of already licensed projects may likewise be sold under this revised economic housing price ceiling, in accordance with existing rules and guidelines,” the Memorandum Order 22-03, series of 2022 read.

The department order takes effect immediately upon publication in a newspaper of general circulation.

Architect Ronie Biando, NREA national president, said the economic housing adjustment is timely with the holding of the 26th NREA National Convention slated online, slated on 16 and 17 June 2022, with opening guests, including Secretary Eduardo del Rosario of the Department of Human Settlements and Urban Development (DHSUD), which is jointly holding the convention with NREA.

The convention focused on the theme: “Real Estate: Roaring Into 2022 And Beyond” will feature 17 guest speaker-presenters, with whom participants may interact during the open forums, Architect Ma. Ysolde Prado, NREA secretary-general and overall convention chairperson, said her part.

In addition, and part of its efforts to stimulate housing business and the national economy, NREA, for the first time since the pandemic, will conduct in-person housing trade exhibits on 1-3 July 2022 at the Glorietta Activity Center, Ayala Malls in Makati City and on 5-7 October 2022 at the Activity Center of Trinoma Mall, North EDSA in Quezon City, as announced by Ms. Imelda C. Magtoto, NREA board vice chairlady.