High-rise residential buildings in Quezon City. Mark Demayo, ABS-CBN News/file

MANILA — Housing prices were higher by 6.7 percent in the fourth quarter of 2024 compared to the same period in 2023, the Bangko Sentral ng Pilipinas said Friday.

The central bank also noted that residential real estate prices of various types of new housing units across the country also climbed 5.3 percent from the third quarter.

The BSP said prices climbed faster in areas outside the National Capital Region, where residential real estate property prices grew by 9.3 percent. Meanwhile, in NCR, house prices contracted by 0.4 percent. 

Single detached and attached houses had the highest price jumps at 12.8 percent. Condominium prices also went up by 5.1 percent.

Realtor: Condo oversupply in NCR due to ‘mismatch’ in inventory, demand

While the average appraised value of new housing units in the country stood at P104,369 per square meter (sqm) in the fourth quarter, prices for homes in NCR were at P143,059. 

The cost was higher than the average appraised value of houses outside NCR at P81,983.

Meanwhile, Filipinos are borrowing less money from banks to buy houses.

The BSP said the number of residential real estate loans (RRELs) granted for new housing units continued to fall, but at a slower pace. Yearly, the number of loans granted became less negative at -10.8 percent. 

Condominium rental prices lowest in 15 years: expert

"Loans granted in the NCR decreased by 5.4 percent in Q4 2024...meanwhile, the decline in AONCR loans granted was almost unchanged at -13.7 percent from -13.0 percent in the previous quarter," the BSP said.                              

RELATED STORY: