Housing prices continue uptrend in Q2

Residential property prices climbed further in the second quarter, with nationwide housing costs rising both year-on-year and quarter-on-quarter despite mixed trends across regions, the Bangko Sentral ng Pilipinas (BSP) reported.

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The Residential Property Price Index (RPPI) grew by 7.5 percent from April to June compared to a year ago, only slightly slower than the 7.6 percent increase in the first quarter.

On a quarterly basis, prices picked up pace, expanding by 4.2 percent compared to the 2.6 percent gain in the previous quarter.

BSP data showed that areas outside the National Capital Region (AONCR) drove the overall growth. Housing prices in these regions surged by 11.5 percent year-on-year, more than triple the three percent rise recorded in the first quarter. It also leapt by 10.5 percent quarter-on-quarter.

By contrast, price growth in Metro Manila slowed sharply to 2.4 percent from 13.9 percent a quarter earlier and even slipped by 3.6 percent from the previous three months.