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Residential real estate prices rise in fourth quarter of 2021: BSP

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Residents explore a model unit in new housing project in Vitas, Tondo, Manila on February 7, 2022. Jonathan Cellona, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/tvpatrol/03/25/20220207-isko-tondominium-property-jc-030824220.jpg"/><figcaption>Residents explore a model unit in new housing project in Vitas, Tondo, Manila on February 7, 2022. Jonathan Cellona, ABS-CBN News/File</figcaption></figure></div>MANILA - Residential real estate prices in the country rose further in the fourth quarter due to the sustained demand, data from the Bangko Sentral ng Pilipinas showed.The residential real estate price index (RREPI) grew by 4.9 percent year-on-year and 1.1 percent on a quarter-on-quarter basis, the BSP said in a statement.&quot;This is consistent with the outcome of the Q4 2021 Consumer Expectations Survey (CES), which showed a higher percentage of consumers preferring to buy real estate property during the last quarter of 2021,&quot; the BSP said.Residential property prices in the National Capital Region (NCR) rose by 5 percent year on year for the period but lower than 11.4 percent in Q3 2021, data showed.Prices were mainly driven by the rise in prices of condominiums and townhouses, which offset the decline in the prices of duplex housing units and single-detached houses, the BSP said.Nationwide residential real estate loans for new housing units decreased annually but rose on a quarter-on-quarter basis.In the fourth quarter, the number of residential real estate loans granted rose 11.5 percent year-on-year. However, in the NCR, the number of loans granted declined compared to the data from a year ago, data showed.The average appraised value of new housing units stood at P74,347 per square meter while the NCR average reached P115,235<div>RESIDENTIAL LOANS</div>The following are the key metrics for residential loans in the fourth quarter:<ul>	<li>73.5 percent or almost a third of residential real estate loans were used to buy new housing units.</li>	<li>44.6 percent of residential property loans were used to purchase condominiums, followed by single-detached or single-attached houses at 39.3 percent and townhouses at 15.6 percent</li></ul>Majority of loans or 40.1 percent were from the NCR, data showed.Consultants have said that real estate remains a good investment, even during the pandemic.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/31/21/filipinos-still-want-to-own-homes-despite-covid-19-pandemic">Filipinos&#x27; home ownership dreams still alive despite COVID-19 pandemic</a></li>	<li><a href="https://news.abs-cbn.com/business/02/04/22/fate-of-ph-real-estate-market-hangs-on-outcome-of-may-polls">Fate of PH real estate market hangs on outcome of May polls</a></li></ul>

Residential real estate prices in the country rose further in the fourth quarter due to the sustained demand, data from the Bangko Sentral ng Pilipinas showed.