Residential real estate prices up by as much as 33% from Q1 2017 to Q3 2018
People
planning to purchase a new home have a lot to consider, as prices of
residential real estate properties have increased by as much as 33% from
January 2017 to October 2018. This is according to data from the country’s
leading property portal, Property24.
“Because
of the numerous residential listings that we have on OLX and Property24, we
have access to data that can help consumers make an informed decision if and
when they decide to purchase and sell real estate properties,” says Property24
head of real estate Tina Bautista.
Condominiums’
prices saw a 10% growth
The
average price of condominiums rose by 10 percent during the period, driven by
the price increase in Metro Manila. In Pasig City’s Kapitolyo area alone,
one-bedroom units’ average price saw a 54 percent price surge, while
two-bedroom units’ had a 49 percent increase in price. Three-bedroom units in this
part of Pasig had an average price increase of 37 percent. The cities in Metro
Manila with the highest price increase of condominium units are Pateros (77
percent), Taguig (27 percent), Mandaluyong (19 percent), Pasig (18 percent),
and Las Piñas and Malabon (17 percent).
In
provincial areas, prices of one- and two-bedroom units decreased by 5 percent
and 10 percent respectively, while three-bedroom units’ price increased by 32
percent.
Other
cities experienced a drop in average price, though. Makati City’s average
condominium prices decreased by 55 percent. Novaliches City’s condo units’
prices declined by 41 percent, and Caloocan City saw a 14 percent price
decrease.
House
and lot prices increased by 33%
Meanwhile, house and lot prices also saw an increase of 33 percent. In Metro
Manila, all cities’ house and lot prices rose, except for Makati (whose house
and lot prices decreased by 4 percent), Muntinlupa (24 percent decline), and
Pateros (79 percent drop).
In
cities outside Metro Manila, house and lot prices increased overall, except for
Davao del Norte (22 percent decline) and Cavite (2 percent decrease). Rizal had
the highest price increase outside Metro Manila, with 32 percent growth. It was
followed by Davao del Sur and Laguna, with 19 percent and 18 percent price
increase respectively. Cebu’s house and lot prices also increased by 1 percent.
Townhouses’
prices rose by 18%
Lastly, townhouses had a price increase of 18 percent. Davao del Norte and
Makati City had price surges of 606 percent and 207 percent respectively.
In
Metro Manila, all cities’ townhouse prices increased. Behind Makati City in
terms of year-on-year price increase in percentage is Manila City, whose
townhouse prices rose by 58 percent. Pasay City and Valenzuela increased by 48 percent
and 33 percent respectively. Caloocan City also increased by 30 percent.
In
the provincial areas, only townhouses in Cavite saw a price decline (-6
percent). In Davao del Sur, these terraced housing had a 53 percent price
increase. Laguna and Rizal also had their townhouses’ price rise to 48 percent
and 16 percent respectively. Townhouses in Cebu also increased their price by 7
percent.
Price
changes are affected by a number of factors, including supply and demand,
economic growth, and inflation, among others.
Property24 and OLX Philippines are part of the OLX Group, the world’s leading
classifieds platform in growth markets. Having 17 brands worldwide, OLX Group
is available in more than 40 countries, where its market-leading trading
platforms are being used by more than 330 million people monthly.
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