According to data released by the Bangko Sentral ng Pilipinas (BSP), residential real estate prices in the Philippines surged by 10.9% in 2023, primarily driven by higher prices of single-detached or attached houses.
The Residential Real Estate Price Index (RREPI) revealed that prices of various housing units rose by 6.5% in the fourth quarter of 2023, although at a slower pace compared to previous quarters.
The BSP reported a significant increase of 30.5% year-on-year in residential real estate loans (RRELS) granted for all types of new housing units in the fourth quarter, with notable growth both in the National Capital Region (NCR) and areas outside the NCR.
The average appraised value per square meter also saw a substantial increase, particularly in areas outside the NCR.
Overall, the full-year prices for 2023 showed a notable increase across different types of housing units, with single-detached and attached houses leading the surge.
The data, sourced from various banks in the country, reflects the continuous growth of the Philippine residential real estate market amidst economic dynamics and demand shifts.
Source: PhilNews24 | March 28, 2024
