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Residential Real Estate Prices Moderate in Q2 2019


Nationwide residential property prices slightly increase by 0.4 percent year-on-year in Q2 2019

Residential real estate prices grew marginally by 0.4 percent year-on-year (y-o-y) in Q2 2019. This is reflected in the increase in Residential Real Estate Price Index (RREPI), which rose to 117.5 from 117 in Q2 2018.1

The year-on-year (y-o-y) prices across types of housing units increased, except for single detached/attached houses, which declined by 4.2 percent. Prices of duplexes, condominium units, and townhouses (which collectively accounted for 58.7 percent of total new housing units reported) grew by 12.5 percent, 9.6 percent, and 4.3 percent, respectively, compared to Q2 2018.

Quarter-on-quarter (q-o-q), the RREPI edged lower to 117.5 from 120, a 2.1 percent decline, as all types of housing units registered price decreases, except for condominium units, which recorded a growth.

Residential property prices increase y-o-y in the National Capital Region (NCR) but decline in Areas Outside NCR (AONCR)

By area, the average residential property prices in NCR increased by 5.2 percent, while those of AONCR declined by 1.1 percent in Q2 2019 compared to Q2 2018 prices. In NCR, the higher growth in prices of duplexes and condominium units offset the decline in prices of single detached houses and townhouses. In AONCR, the drop in prices of single detached houses outweighed the increase in prices of other types of housing units.

Profile of residential real estate loans for Q2 2019

For Q2 2019, 73.4 percent of residential real estate loans (RRELs) were for the acquisition of new housing units. By type of housing units, 45.8 percent of residential property loans were for the purchase of condominium units, followed by single detached/attached houses (43 percent) and townhouses (10.5 percent).

By area, most of the RRELs granted in the NCR were for the purchase of condominium units, while RRELs granted in AONCR were mostly for single detached/attached houses. By region, NCR accounted for 43 percent of the total number of RRELs granted, followed by AONCR―CALABARZON (27.4 percent), Central Luzon (8.9 percent), Central Visayas (6 percent), Western Visayas (4.3 percent), Northern Mindanao (3.3 percent), and Davao Region (3 percent). Together, NCR and these six other regions accounted for 95.9 percent of total housing loans granted by banks.

About the report

BSP Circular No. 892 dated 16 November 2015 requires all universal/commercial banks (UBs/KBs) and thrift banks (TBs) in the Philippines to submit to BSP a quarterly report on all RRELs granted for the generation of the RREPI.


1 The RREPI is a measure of the average change in the prices of various types of housing units, i.e., single detached/attached houses, duplexes, townhouses and condominium units, based on banks’ data on loans used to acquire new housing units. It is a chain-linked index, which is computed using the average appraised value per square meter, weighted by the share of floor area of each type of housing unit to the total floor area of all housing units. The RREPI is a valuable indicator in assessing the real estate and credit market conditions in the country. The BSP has been releasing the report since Q1 2016.

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