Philippine House Prices Fall by 0.4%, First Time in 4 years

The Bangko Sentral ng Pilipinas’s (BSP) residential real estate index revealed that housing prices fell for the first time in 4 years by 0.4%.

This follows an increase of 4.5% in 2019, and a 26.6% rise in April to June of 2020.

This is the first time the index fell for the year since it started in 2016.

The BSP released a statement saying “This is consistent with the outcome of the Q3 2020 consumer expectations survey, which pointed to the low preference of consumers to buy real estate property amid the pandemic and economic uncertainty,”

In Metro Manila prices of condominium units fell by 17.9%, residential homes fell by 12.2%, and duplexes fell by 11.8%.

Meanwhile, prices of single detached/attached houses rose by 23.3%, and townhomes rose by 11.2%.

Source: BusinessWorld