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Regional Statistics

Philippine residential property prices continue to surge

The Philippine residential property market continued to perform spectacularly, amidst robust economic growth. During the year to Q2 2015, the average price of a luxury 3-bedroom condominium unit in Makati central business district (CBD) surged 7.91% (6.61% inflation-adjusted) to PHP149,300 (US$3,179) per square metre (sq. m.), according to Colliers International .

During the latest quarter, condominium prices in Makati CBD increased 1.35% (1.1% inflation-adjusted) in Q2 2015.

Other major CBDs in Metro Manila, the country’s capital, also showed strong house price rises.

• In Rockwell Center. the average price for a 3-bedroom condominium rose by 11.5% (10.2% inflation-adjusted) to PHP158,000 (US$3,364) per sq.m. or a 3% q-o-q growth.
• In Bonifacio Global City. the average price for a 3-bedroom condominium increased by 9.7% (8.4% inflation-adjusted) to PHP148,000 (US$3,151) per sq. m. or a 1.2% q-o-q rise.

Demand remains strong. Residential real estate loans in the country soared by 25.9% y-o-y to PHP411.44 billion (US$8.76 billion) in Q1 2015, according to the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.

Residential property prices in the country’s CBDs are expected to continue rising in the coming year.