Residential property prices rise in fourth quarter of 2024

Nationwide residential property prices in the fourth quarter of 2024 increased to 6.7 percent, a turnaround from a 2.3 percent contraction in the third quarter of the same year, the Bangko Sentral ng Pilipinas (BSP) said in a report by Philippine News Agency.

BSP said the increase in residential real estate prices was driven by the higher prices in areas outside the National Capital Region (AONCR), which rose 9.3 percent in the fourth quarter last year.

Prices in NCR slipped by 0.4 percent in the same period.

Across all housing types, only townhouses recorded a decline in prices in the last quarter of 2024, down by 3.4 percent.

In Q4 2024, single-detached/attached house prices improved by 12.8 percent while condominium prices also increased by 5.1 percent.

On the other hand, prices of duplex type units jumped by 85.9 percent.

“In Q4 2024, the number of residential real estate loans (RRELs) granted for new housing units in the Philippines continued to contract but at a slower pace. The year-on-year change became less negative at -10.8 percent from -15.7 percent in Q3 2024,” the central bank said.

The BSP added that loans granted for new single-detached/attached houses in the Philippines in Q4 2024 contracted by 36.2 percent, which is the lowest recorded since the second quarter of 2020.