RREPI up in Q2

Residential real estate prices grew faster at 11.3 percent in Q2 2016 as the RREPI rose to 122.8  from 110.3 for the same quarter a year ago.

The annual growth in residential real estate prices was higher than the 9.4 percent increase posted a quarter ago.

Single detached housing units registered the highest growth in prices (18.6 percent) followed by townhouses (14.7 percent). Meanwhile, the prices of condominium units decreased marginally (-0.1 percent).

Growth in residential real property prices accelerated in AONCR by 18.4 percent but moderated in NCR to 2.7 percent in Q2 2016.

This is due largely to the higher rates of increase in prices of single detached housing units and townhouses in AONCR compared to those of NCR.

Moreover, the prices of condominium units edged lower in NCR but increased slightly in AONCR.

For Q2 2016, about seven in ten real estate loans were for the purchase of new housing units (71.7 percent).

By type of housing unit, about half of residential property loans were for single detached (50.1 percent), followed by condominium units (41.2 percent) and townhouses (8.4 percent).

Condominium units were the most common house purchases in the NCR while single detached houses were mostly acquired in AONCR.

By region, NCR accounted for 42.1 percent of the total number of residential real estate loans granted during the quarter, followed by Calabarzon (31.5 percent), Central Luzon (6.7 percent), Central Visayas (5.2 percent), Western Visayas (4.9 percent), Northern Mindanao (3.4 percent) and Davao Region (2 percent).

Together, these seven regions accounted for 95.8 percent of total housing loans granted by banks.

Source: http://malaya.com.ph/business-news/special-features/rrepi-q2

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