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Keisha Ta-Asan - The Philippine Star
March 29, 2025 | 12:00am
The BSP’s Residential Real Estate Price Index (RREPI) increased by 6.7 percent to 172.6 in the fourth quarter of 2024 from 167.7 in the same quarter a year ago, marking a turnaround from the 2.3-percent decline recorded in the third quarter of 2024.
Miguel de Guzman
MANILA, Philippines — Property prices registered a strong recovery in the fourth quarter of 2024, driven by higher prices of single-detached/attached houses and condominium units, according to data from the Bangko Sentral ng Pilipinas.
The BSP’s Residential Real Estate Price Index (RREPI) increased by 6.7 percent to 172.6 in the fourth quarter of 2024 from 167.7 in the same quarter a year ago, marking a turnaround from the 2.3-percent decline recorded in the third quarter of 2024.
On a quarterly basis, the index also rose by 5.3 percent, signaling renewed strength in the property market.
The RREPI, launched in the first quarter of 2016, is used as an indicator for assessing the real estate and credit market conditions in the country.
“The increase in the RREPI was driven mainly by the rise in prices of single-detached/attached houses and condominium units,” the BSP said in its latest report.
The index showed the prices of single-detached units rose annually by 12.8 percent to 155.9, followed by condominium units with a 5.1-percent decline to 217.9. By contrast, townhouses went down by 3.4 percent to 196.5.
Duplex housing units registered the highest annual growth rate among all housing types, climbing by 85.9 percent to 283.1 in the fourth quarter.
However, the BSP said that the number of loan transactions for these units was low.
“Duplex housing type accounted for only 0.48 percent of the 8,897 new housing units sold in the fourth quarter of 2024. Due to its minimal share, it was excluded from the discussion on this section,” the BSP said.
The uptick in property prices was most evident in Areas Outside the National Capital Region (AONCR), where real estate prices jumped by 9.6 percent year-on-year.
In contrast, prices in Metro Manila declined slightly by 0.4 percent, reflecting mixed trends in urban housing demand.
Despite rising property prices, the availability of residential real estate loans (RRELs) declined by 10.8 percent year on year in the fourth quarter of 2024. This marked the third consecutive quarter of annual contractions.
Loans granted for new single houses fell by 36.2 percent, while those for townhouses contracted by 13.9 percent.
On the other hand, loans granted for new condominium units rose by 7.5 percent.
