PHL housing prices up 1.1% in Q1

Philippine housing prices rose by 1.1 percent in the first quarter of the year, according to data released by the Bangko Sentral ng Pilipinas (BSP) over the weekend.

The Residential Real Estate Price Index (RREPI) climbed to 117.2 in January to March, from 115.9 a year earlier.

This compares with the 0.3 percent in the fourth quarter of 2016 and 9.4 percent in the first quarter of 2016.

The RREPI tracks the average changes in prices of different types of housing units (single-detached, complex, condominiums, and townhouses) over a period of time and across different geographical regions, and gives regulators a measure to monitor the industry.

"The average residential property prices in both NCR (National Capital Region) and AONCR (Areas Outside NCR) also increased by 1.1 percent in Q1 2017 compared to year-ago prices," the BSP said.

"In NCR, growth in real estate prices reverted to positive territory, from a negative growth in Q4 2016, while those in AONCR moderated for the same period," it said.

During the first quarter, the purchase of new housing units accounted for 69 percent of real estate loans.

"The number of loans granted increased for all types of housing units compared to their year-ago levels, with condominium units posting the highest growth of 26.9 percent," the BSP added. — VDS, GMA News