Average cost of construction contracted
The average cost of construction, excluding those for alteration and repair, in the fourth quarter of 2020 was PhP 10,176 per square meter. It dropped at an annual rate of -12.7 percent, faster than the previous quarter’s annual decrease of -4.3 percent. In contrast, the average cost per square meter expanded by 1.9 percent in the fourth quarter of 2019.
Residential had the highest average cost of constructions
Among types of constructions, residential had the highest average cost of PhP 10,590 per square meter during the quarter. This was followed by non-residential with PhP 9,772 per square meter, and addition to existing constructions with PhP 8,204 per square meter.
Residential condominium construction was the most expensive among types of residential construction
Among residential constructions, condominiums had the highest average cost of PhP 15,271 per square meter during the quarter while other residential recorded the lowest at PhP 7,995 per square meter.
Source: PSA