Property prices post slower growth in Q1

Veteran power energy executive Emmanuel Rubio is taking the reins at Meralco PowerGen Corp. (MGen) as its new president and CEO effective today.

- KEISHA TA-ASAN

Property prices continued to increase year-on-year as prices rose across all housing types in the irst quarter, but the growth rate slowed for the fourth straight time during the period and marked the slowest in almost two years.

Based on data from the Bangko Sentral ng Pilipinas (BSP), the Residential Real Estate Price Index (RREPI) rose by 6.1 percent to 163.5 in the first quarter from 154.1 in the same period last year.

However, the latest growth rate was slower than the 6.5 percent expansion recorded in the fourth quarter of 2023. It also marked the slowest since the 2.6 percent rise in the second quarter of 2022.

“Residential real estate prices of various types of new housing units in the Philippines continued to increase in the first quarter, rising by 6.1 percent year-on-year, albeit at a slightly slower pace than the 6.5 percent growth in the fourth quarter of 2023,” the BSP said.