NATIONWIDE residential property prices up by 5.6% YoY, but edge lower by 1% QoQ in Q1 2022
The residential real estate prices of various types of new housing units in the Philippines maintained its growth momentum in Q1 2022.1 The Residential Real Estate Price Index (RREPI) rose by 5.6 percent from a year ago, but declined by 1 percent from the previous quarter. The year-on-year (YoY) increase in the RREPI is consistent with the outcome of the Q1 2022 Consumer Expectations Survey (CES), which showed a higher percentage of consumers preferring to buy real estate property in the first quarter of 2022.
By area, residential property prices in the National Capital Region (NCR) and Areas Outside the NCR (AONCR) rise YoY, but decline QoQ in the AONCR
Residential property prices in the NCR increased by 9.5 percent YoY, primarily driven by the increase in the prices of condominium units and townhouses, which more than offset the decrease in the prices of duplex housing units and single-detached/attached houses. Similarly, property prices in the AONCR rose by 5 percent YoY as all types of housing units registered an upturn, except for single-detached/attached houses, which posted a decline.
On a quarter-on-quarter (QoQ) basis, trends were mixed as residential property prices rose by 3.5% in the NCR, but declined by 2.1% in the AONCR.
By type of housing units, the prices of townhouses, duplex housing units, and condominium units rise, driving the YoY growth in property prices
In Q1 2022, the 5.6 percent YoY growth in the nationwide RREPI was mainly driven by the rise in the prices of townhouses, duplex housing units, and condominium units, increasing by 25.6 percent, 20.9 percent, and 14.7 percent, respectively. Conversely, prices of single-detached/attached houses contracted by 2.5 percent Meanwhile, the 1 percent QoQ contraction in the RREPI was due to the lower prices of townhouses (-1.7 percent) and single-detached/attached houses (-5.1 percent)
Nationwide residential real estate loan availments for new housing units decrease YoY and QoQ
In Q1 2022, the number of residential real estate loans (RRELs) granted for all types of new housing units in the Philippines contracted by 9.2 percent YoY due mainly to the 39.3 percent decrease in the number of NCR RRELs.
Meanwhile, on a QoQ basis, the number of RRELs granted contracted by 30.2 percent as the number RRELs in the NCR and AONCR declined by 42.5 percent and 22.9 percent, respectively
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