Array
Real Estate

The Value of Your House May Have Gone Up or Down from Last Year

According to the Bangko Sentral ng Pilipinas, some types of residences rose by 138.1% while others fell by 9.9%

Shares
Photography: Pexels

Though the Philippines’ property market is booming, this doesn’t mean that prices of all types of residential real estate are on the rise. This is evident from the Bangko Sentral ng Pilipinas (BSP)’s latest residential real estate price index (RREPI), which showed diverging trends for different types of houses.

On average, the index showed that residential real estate prices in the entire country rose 5.7 percent in the fourth quarter of 2017 from the same period the previous year. But there is wide variance beneath the average number. Be guided by the infographic below:

 

The largest price increase came from duplex houses in Metro Manila, which grew 138.1 percent year-on-year price in the fourth quarter of 2017. Duplex houses outside Metro Manila saw a much more modest growth of 0.3 percent in the same period.

Prices for residential condo units grew 15.2 percent year-on-year within NCR and 8.4 percent outside the region. According to Joey Bondoc, research manager at Colliers Philippines, this is due to price increases in more expensive condominium developments as well as the large take-up of projects in 2017.

"We saw a faster increase in the prices of mid-income, luxury and upscale condominium projects. These are the condominium units with prices ranging from Php3.2 million and up," Bondoc told Entrepreneur Philippines via email. He added: "Given the record take-up, it was not surprising to see prices rise to record levels as well."

On the other hand, prices for single detached or attached houses fell 9.9 percent in Metro Manila and rose a marginal 0.8 percent outside the metropolis. Similarly, townhouses fell by 8.6 percent in Metro Manila but rose 20.1 percent outside the NCR.

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 change every quarter, providing data for NCR and areas outside NCR.

ADVERTISEMENT - CONTINUE READING BELOW

 

*****

 

Lorenzo Kyle Subido is a staff writer of Entrepreneur PH

 

This story originally appeared on Entrepreneur.com.ph.

* Minor edits have been made by the Realliving.com.ph editors.

More on Realliving.com.ph

Shares

Latest Stories

What Is A Sunroom And How Do You Make One At Home?

Build a special, relaxing little sunroom for your home with the help of these five pieces

Cainta Is Opening A Skate Park Soon

It will definitely add a new facet to the municipality

South Folks, Expect Heavier Traffic Along SLEX in the Coming Months

It's part of another #BuildBuildBuild project.

How To Choose The Right Pieces For Your Living Room

Whether you're looking for a sofa, an armchair, or much more, get ideas from this newly launched BGC store

6 Common Kitchen Organizing Mistakes and How to Solve Them

Stop hoarding pretty dinnerware!

How Much Do Filipinos Plan to Spend this Holiday Season?

Mobile shoppers are likely to splurge more, according to a survey conducted by Facebook Philippines

Check Out This Colorful Beach Resort in Baler

Presenting the location of your next fun weekend escape with the gang

4 Simple Things You Can Do To Lessen Your Aircon Usage

You don't always have to turn on your AC to bring the heat down in your home

6 Wonderful, Under the Radar Things to Do in Bohol

Whether you're a single traveler, on vacation with a partner or with your family, try these underrated experiences in Bohol.

Ask Yourself These 3 Important Questions Before Starting A Home Garden

Building your own indoor garden is about more than just aesthetics; it requires a lot of responsibility

Kitchen Specialty Stores, Ranked From Budget To Luxe

Here are one-stop-shops around the metro, from budget to break-the-bank, to help you create your dream kitchen

5 Places Where You Can Buy Beautiful Baskets

More than just a part of our décor, these must-haves can be used as storage, too
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!