It seems like the property boom is showing no signs of waning, with real estate prices rising by nearly 10 percent in the first quarter compared to a year ago, according to figures from a property price index released Monday by the Bangko Sentral ng Pilipinas (BSP).In the first-ever index of its kind, the central bank tracked property prices across the country to assess how the market is performing.
The BSP said that real estate prices saw an annual growth of 9.2 percent in the first quarter. Prices in the National Capital Region (NCR) grew at a faster 9.7 percent and areas just outside it, 9.4 percent.
Prices of condominium units increased the most, jumping 12.9 percent in the first quarter compared to last year. Coming in second were townhouses, with prices climbing 8.5 percent annually.
Condo units were the most common purchases in the NCR, the data showed. In areas outside the capital, consumers preferred single detached houses.
The BSP compiled the real estate price index by surveying 93 banks and the housing loans they approved from January to March.
NCR accounted for half of housing loans in the first quarter, while CALABARZON (Cavite, Laguna, Batangas, Rizal and Quezon), followed with more than a quarter of loans. Other key areas were Central Luzon (7.6 percent), Western Visayas (3.8 percent) and Central Visayas (3.3 percent).
Property prices still on the rise - BSPBy Claire Jiao, CNN Philippines
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