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Housing Prices Drop for 1st Time in 3 Years
The Philippine Star
|December 30, 2024
Property prices declined for the first time in three years as prices of duplex housing and condominium units slumped in the third quarter, the Bangko Sentral ng Pilipinas (BSP) said.
The residential real estate price index (RREPI) slipped by 2.3 percent to 163.9 in the third quarter from 167.7 in the same quarter last year. This was the first time the index contracted since the 9.4-percent decline in the second quarter of 2021.
On a quarterly basis, the RREPI went down by 1.6 percent from 166.5 in the second quarter, snapping two straight quarters of positive growth.
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, based on banks' data on actual mortgage loans granted to acquire new housing units, excluding pre-owned or foreclosed properties.
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