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Home prices rise further in Q3
The Philippine Star
|January 01, 2024
Home prices rose further, although at a slower pace, in the third quarter last year as high-interest rates continued to increase monthly housing costs, according to the Bangko Sentral ng Pilipinas (BSP).
The central bank’s Residential Real Estate Price Index (RREPI) rose by 12.9 percent to 167.7 in the third quarter of 2023 from 148.6 in the same quarter in 2022.
This was slower than the 14.1 percent increase recorded in the second quarter of last year.
Housing prices also increased by 3.4 percent from 162.2 in the second quarter of 2023.
Nationwide property prices last contracted in the second quarter of 2021 when it shrank by 9.4 percent. The RREPI, launched in the first quarter of 2016, is used as an indicator for assessing the real estate and credit market conditions in the country.
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