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With the exception of townhouses outside the National Capital Region, prices of residential real estate in the Philippines experienced a stronger year-over-year rise in the fourth quarter of 2022 but slower quarter-over-quarter growth (NCR).

The Bangko Sentral ng Philippines (BSP) announced Residential Real Estate Price Indices (RREPI) statistics on Friday, showing a 7.7 percent year-over-year increase in real estate prices nationwide while the change from the end-September 2022 level is at 2.2 percent.

All types of dwelling units are included in the 16.1 percent increase in NCR home prices over the fourth quarter of 2021.

Nevertheless, this does not include townhouses. In contrast, the growth in Areas Outside the NCR (AONCR) is modest at 4.5 percent.

With a 4.8 percent expansion compared to the NCR’s 2.4 percent, the AONCR is expanding more quickly relative to the level of end-September 2022.

In terms of price growth, duplex housing units led the country with a 42.9 percent gain in the RREPI, followed by condominium units with a 12.9 percent increase and single-detached/attached homes with a 10% increase.

Townhouse prices, meanwhile, fell for the second consecutive quarter, with a 6.8 percent decrease in the fourth quarter of 2022.

RREPI increased by 2.2 percent in comparison to the third quarter of 2022 levels because of rising costs for duplex homes, townhouses, and single detached/attached homes.

The most recent study, however, indicated that condominium unit prices decreased quarter over quarter.

The number of residential real estate loans (RRELs) for all housing kinds of new housing units declined by 10.3% year over year in the fourth quarter of 2022, with those from NCR declining by 22% and those from AONCR declining by 3.4 percent, according to the study.

Moreover, the availability of housing loans decreased by 4.5 percent quarterly from October to December 2022 as a result of a 23.5 percent decline in RRELs in the NCR and an 8.5 percent increase in RRELs in the AONCR.

In terms of how the RRELs were used in the last quarter of 2022, 81.1 percent went toward buying new homes.

Single-detached/attached units make up the majority of these dwelling units (47.2%), followed by condominium units (33%) and townhouses (18.9%).

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