Phl housing market prices up by 6.7% in Q4 last year

The Philippine residential real estate market bounced back in the last quarter of 2024 after a decline in the previous quarter, the Bangko Sentral Ng Pilipinas (BSP) reported.

- Ehda M. Dagooc, Staff Member

Property prices for new housing units grew by 6.7 percent year-on-year (y-o-y) in the fourth quarter of 2024, reversing the 2.3 percent decline recorded in the third quarter of 2024.

On a quarter-on-quarter (q-o-q-o-q) basis, prices also rose by 5.3 percent, a significant improvement after a 1.6 percent drop.

According to BSP, the increase in residential property prices was more noticeable in Areas Outside the National Capital Region (AONCR), where prices climbed by 9.3 percent, driven by all types of housing except townhouses.

Meanwhile, property prices in the National Capital Region (NCR) saw a slight decline of 0.4 percent y-o-y in Q4 2024, although this was an improvement from the steep 14.6 percent drop in the third quarter of 2024.