The Market Monitor Minding the Nation's Business
Residential real estate prices of various types of new housing units in the Philippines continued to increase in Q2 2024. Residential property prices rose by 2.7 percent year-on-year (YoY), albeit at a slower pace than the 6.1 percent growth in Q1 2024. On a quarter-on-quarter (QoQ) basis, housing prices grew faster at 1.8 percent than the 1.1 percent growth in Q1 2024.
On a YoY basis, residential property prices in the National Capital Region (NCR) contracted by 1.0 percent in Q2 2024 with the decline in the prices of single-detached/attached houses outweighing the increase in the prices of townhouses and condominium units.
On a QoQ basis, residential property prices in the NCR and AONCR rose by 3.8 percent and 1.2 percent, respectively.
By housing type (excluding the duplex housing units), condominium registered the highest YoY growth rate of 10.6 percent in Q2 2024, followed by a 1.7 percent growth in single-detached/attached houses. Meanwhile, townhouses registered a contraction of 0.8 percent.
On a QoQ basis, price increases across housing types in Q2 2024 were mixed. Prices of condominium units grew the fastest at 4.2 percent, followed by single-detached/attached houses at 3.2 percent, while duplex housing units and townhouses registered a 2.3 percent and 2.6 percent decline, respectively.