The Central Bank of the Philippines published Q4 2024 results for its Residential Real Estate Price Index (RREPI), showing nationwide prices for new housing units rebounded to 6.7% year-on-year growth and 5.3% quarter-on-quarter growth after a 2.3% year-on-year contraction in Q3 2024. Price increases were stronger in Areas Outside the National Capital Region (AONCR), while the National Capital Region (NCR) still recorded a slight year-on-year decline. AONCR prices rose 9.3% year on year, while NCR prices fell 0.4% year on year, driven by lower townhouse prices offsetting gains in single-detached/attached houses and condominium units. By housing type, single-detached/attached houses recorded the highest year-on-year increase (12.8%), followed by condominium units (5.1%), while townhouses declined 3.4%. The number of residential real estate loans granted for new housing units fell 10.8% year on year (NCR: -5.4%; AONCR: -13.7%) but rose 34.3% quarter on quarter (NCR: +42.7%; AONCR: +29.8%); the Senior Bank Loan Officers’ Survey indicated unchanged credit standards for housing loans in Q4 2024. Average appraised values for new housing units rose to PHP 104,369 per square metre (+17.2% year on year; +20.8% quarter on quarter), with NCR at PHP 143,059 and AONCR at PHP 81,983. The RREPI is derived from banks’ data on mortgage loans granted to acquire new housing units (excluding pre-owned or foreclosed properties) and is weighted by floor area shares, with single-detached/attached houses at 41.5%, condominium units at 35.2%, townhouses at 22.8%, and duplex units at 0.4% in Q4 2024. The data collection is based on quarterly reporting requirements for universal/commercial and thrift banks, supplemented by a similar requirement for digital banks.

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