Condo demand pushed up PH property prices in Q2 despite pandemic

Residential real estate prices of various types of new housing units in the Philippines rose by 27.1 percent in the second quarter of 2020 despite the onset of the coronavirus pandemic, based on the latest survey of the central bank—the highest growth rate since the survey began in 2016.

In the quarterly Residential Real Estate Price Index poll, banks cited higher demand for high-end projects, which drove the average price per square meter upwards.

Further, in terms of area and type of housing unit, the highest contributors to the increase in housing prices were loans for the purchase of condominium units, particularly those in Metro Manila, and single attached or detached houses.

By area, residential property prices in both the National Capital Region and in areas outside Metro Manila registered growth.

Residential property prices in the metropolis grew by 34.9 percent relative to a year ago, which is higher than the 18.1 percent growth in other areas.

In Metro Manila, all types of housing units registered an increase in prices, except for duplexes as no loans for the purchase of duplexes in the said area were granted and reported in the second quarter of 2020.

Prices of condominium units rose the fastest at 30.1 percent. Similarly, prices of single detached or attached houses, townhouses and duplexes grew by 24.1 percent, 10.8 percent and 0.8 percent, respectively.