More Filipinos own land, farms, second homes — BSP survey

The Bangko Sentral ng Pilipinas (BSP) 2021 Consumer Finance Survey shed light on Filipinos’ ownership of other real properties beyond their primary residences. About six percent of Primary Economic Units (PEUs) reported owning or co-owning an additional property, with ownership rates higher in Visayas (8 percent) and Mindanao (8.1 percent) compared to Metro Manila (3.1 percent).

The majority (57.7 percent) of these properties were inherited or received as gifts, while 30.7 percent were acquired through cash purchases. Most additional properties were land (59 percent), house and lot (22.1 percent), or farms (15.5 percent), with ownership more common among elderly individuals engaged in agriculture.

These properties were primarily used for agricultural purposes (41.5 percent), future homes (14 percent), or vacation homes (13.5 percent). Almost all (99.8 percent) were located in the Philippines, with a significant portion held for over a decade. While most properties were valued at P1 million or less, those in Metro Manila had significantly higher average market values, particularly commercial buildings and condominium units.

Nearly 95 percent of other real properties appreciated in value, with market prices averaging 8.4 times their original acquisition cost. Arable land, particularly those used for farming, had a higher market value than uncultivated properties, reflecting its income-generating potential.