NextGen Day

According to a study released on Thursday by the Bangko Sentral ng Pilipinas (BSP), residential real estate prices climbed by 6.6 percent annually and by 4.6 percent quarterly from July to September 2022.

Residential property prices increased by 17.5 percent and 2.3 percent, respectively, year over year in the National Capital Region (NCR) and areas outside the NCR (AONCR).

Residential real estate prices in NCR rose by 14.6 percent between the second and third quarters of this year, while prices in AONCR fell by 0.4 percent.

According to the BSP, residential property price increases have led to increased prices for single detached/attached homes, condominium apartments, and duplex housing.

On the other hand, townhouse prices decreased as compared to the prior quarter and year.

In the third quarter of 2022, the average appraised value of new dwelling units in the nation was PHP84,589 per square meter (sqm). According to the central bank, the average appraised value per square meter in the NCR was PHP139,283, which was greater than both the national average and the average appraised value in the AONCR, which was PHP47,129.

It also stated that new housing units were purchased with 82.2 percent of the third quarter’s residential real estate loans.

Single-detached/attached homes accounted for 47.5% of the housing loans, followed by condominiums (39%), and townhouses (13%).

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