BSP: Home prices up in second quarter

The Bangko Sentral ng Pilipinas on Thursday reported prices of new housing units nationwide increased in the second quarter by 5.3 percent from 1.4 percent in the previous quarter, while availability of home loans improved to -4.3 percent from -9.1 percent during this period.

Compared to the second quarter last year, overall housing prices grew by 14.1 percent as more consumers recovered from the pandemic.

Residential prices in the National Capital Region or NCR were up to 15.4 percent, while those outside this region grew to 13.8 percent year-on-year.

Quarter-on-quarter, residential prices rose to 7.7 percent in the NCR from -4.3 percent and steadied at 4.4 percent in the provinces.

The highest growth in prices was seen in single-detached/attached houses with 6.7 percent, followed by duplex units with 4.8 percent, condominiums with 3.8 percent, and townhouses with 3.7 percent.

The average appraised value of housing units in the NCR stood at P127,884 per square meter between the first quarter of 2016 and the second quarter this year.

The BSP said this is higher than both the national average and the average appraised value in the provinces at P54,496.

Home loans nationwide

Meanwhile, home loans granted nationwide improved to -4.3 percent from -9.1 percent on a quarterly basis.

Home loans approved in Metro Manila increased to 0.6 percent from -13.2 percent, while those in the provinces also grew to -6.3 percent from -7.1 percent.

Majority of these loans were used to purchase single-detached/attached houses with 49.1 percent share, followed by condominiums with 33.6 percent, and townhouses with 16.8 percent.

Majority of home loans came from the CALABARZON Region with 34.1 percent share, followed by the NCR with 29 percent.

The rest of the loans came from Central Luzon (13.4 percent), Central Visayas (7.1 percent), Western Visayas (5.7 percent), Davao Region (3.4 percent) and Northern Mindanao (1.8 percent).