MACTAN, Cebu: The Philippine Residential Real Estate Price Index (RREPI) rose 9.2 percent in the first quarter, pushing the prices in the country’s property sector further upwards.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo reportedly told participants in the central bank’s 12th Media Lecture Series the RREPI increased 9.2 percent in the first quarter from 5.1 percent in the fourth quarter of last year.
The RREPI in the National Capital Region (NCR) went up to 9.7 percent from 6.3 percent, while that of areas outside NCR (AONCR) climber to 9.4 percent from 5.9 percent, Philippine Star reported.
“This represents a vibrant housing industry in the Philippines and the robustness of this conclusion is confirmed by the trends in consumer prices as well as the recent result of the Consumer Expectation Survey,” he reportedly said.
The Consumer Expectations Survey (CES) for the first quarter showed the overall confidence index rising to -5.7 percent from -8.1 percent in the fourth quarter of last year, coming at par with the all-time high of -5.7 percent recorded in the second quarter of 2013, the report said.
The robust confidence of Filipino consumers was attributed to the higher election-related spending.
Guinigundo added that real property price movements in NCR and AONCR relatively follow the same pattern from the first quarter to the third quarter in 2015 with growth rates in AONCR at the lowest.
He pointed out year-on-year growth of real property prices in AONCR increased at a faster rate starting in the third quarter of last year due to higher growth rates in prices of townhouses and condominium units.
The news portal quoted him as saying that condominium units posted the highest year-on-year growth in prices at 12.9 percent followed by townhouses at 8.5 percent.
Furthermore, about seven out of 10 residential real estate loans granted were for the purchase of new housing units, Philippine Star reported.