Prices of residential properties across the country grew an average of 2.1 percent year-on-year in the first quarter of 2018, according to the latest residential real estate price index (RREPI) released by the Bangko Sentral ng Pilipinas (BSP) last June 29.
Properties within the National Capital Region (NCR) saw an average year-on-year price growth of 2.7 percent, while prices of housing units outside the region grew by 0.9 percent in the same period.
Of the four types of residential properties measured by the RREPI, duplexes saw the largest year-on-year price growth, standing at 44.2 percent overall. Prices of duplexes in Metro Manila surged by 465.8 percent, or more than five-fold, while those outside NCR experienced a more modest growth of 6.1 percent.
The BSP did not provide an explanation behind the soaring prices of duplexes in Metro Manila. It noted, though, that figures for duplexes “exhibit more volatility due to relatively small number of reported real estate loans.”
Townhouses came in second, averaging a 13.8-percent year-on-year price increase for the first quarter of 2018. Townhouses outside NCR grew 15.6 percent, faster than those within Metro Manila (9.1 percent).
Residential condominiums saw a more modest year-on-year price growth of two percent overall, with the 3.3-percent increase in condos within NCR contrasting with the 3.1-percent decline experienced by condos outside the region.
Finally, single-detached or attached houses were the only type of housing unit that experienced year-on-year declines throughout the country. Those outside Metro Manila decreased 0.4 percent in price, while those within saw a larger drop of 5.3 percent.
Published every quarter since Q2 2015, the RREPI is a measure of real estate prices that the BSP sources from housing loan reports submitted by its member banks. Using Q1 2014 as a baseline, the report details how prices of four different residential housing types move every quarter, providing data for NCR and areas outside NCR.
Lorenzo Kyle Subido is a staff writer of Entrepreneur PH