Residential real estate prices of various types of new housing units in the Philippines contracted by 0.4 percent year-on-year (y-o-y) in Q3 2020 based on the Residential Real Estate Price Index (RREPI).
This is the first time that the RREPI posted negative y-o-y growth since the start of the series in Q1 2016.
The decline in the RREPI may be partly due to the weak consumer demand for houses and lots.
This is consistent with the outcome of the Q3 2020 Consumer Expectations Survey (CES), which pointed to the low preference of consumers to buy real estate property amid the pandemic and economic uncertainty.
