Nationwide residential property prices increase in Q4 2020 relative to prices in the previous year and a quarter ago
After a steep decline in the previous quarter, residential real estate prices of various types of new housing units in the Philippines recovered in Q4 2020 based on the Residential Real Estate Price Index (RREPI). House price growth reverted to the positive territory as RREPI rose by 0.8 percent year-on-year, and by 2.4 percent quarter-on-quarter.
By area, residential property prices expand y-o-y in Areas Outside NCR (AONCR), but contract in NCR
The positive y-o-y growth in the overall residential property prices was driven mainly by those in AONCR, which grew by 5.9 percent relative to Q4 2019. Prices across all types of housing units in AONCR, except for the prices of condominium units, rose in Q4 2020.
By category of housing units, residential property prices climb y-o-y across all types of dwelling, except for condominium units
Prices of duplexes, townhouses, and single detached/attached houses rose in Q4 2020 by 20 percent, 16.1 percent, and 4.7 percent, respectively, while prices of condominium units contracted by 8.4 percent in Q4 2020. This is the second consecutive quarter that condominium prices declined. The decrease in the prices of condominium units in both NCR and AONCR may be attributed to the postponement of new launches by developers and lackluster demand for transient dwelling amid the pandemic.