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Growth in property prices slows in Q2 - BSP
The Philippine Star
|September 28, 2024
The residential real estate prices of various type of new housing units in the Philippines continued to pick up, but the growth rate eased for the fourth straight time in the second quarter, marking the slowest in two years, the Bangko Sentral ng Pilipinas (BSP) said.
Latest data from the BSP showed the Residential Real Estate Price Index (RREPI) rose by 2.7 percent to 166.5 in the second quarter from 162.2 in the same period last year. It was also 1.8 percent higher than the 163.5 recorded in the first quarter.
However, the year-on-year growth rate was slower than the 6.1-percent expansion recorded in the previous quarter, marking 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 second quarter. Residential property prices rose by 2.7 percent year-on-year, albeit at a slower pace than the 6.1-percent growth in the first quarter," the BSP said.
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