Residential real estate price index Philippines

The price of residential real estate in the Philippines has been on the rise in recent years. In 2023, the price index reached 161.4 points, indicating a significant increase from 112.4 index points in 2016. The Residential Real Estate Price Index (RRPI) is used to measure the rate at which the price of residential properties changes over time. It is also an indicator to assess the country's real estate and credit market situation.

 Prices of housing units 

The price of housing units in the Philippines is not measured in absolute values but using the Residential Real Estate Price Index (RRPI) with a base value of 100 as of the first quarter of 2014. Among the different types of housing units, condominiums registered the highest RRPI, followed by townhouses. The price index of condos fluctuated between 2017 and 2023, with the highest growth recorded between 2018 and 2019. Moreover, the price index of single-detached and attached houses experienced its highest rate of growth in 2023.

 The condominium market 

Condominium units are common in metropolitan cities in the Philippines, such as Metro Manila, Cebu, and Davao. The demand for such properties is fueled by urbanization, leading to an expansion of commercial and industrial hubs. Foreign investments and sustained remittances from migrant workers also contribute to the appetite for condominium properties. In Metro Manila alone, there were roughly 155,000 completed condominium units, and half of the occupied units belong to the lower mid-income segment. Meanwhile, the residential hubs of Cebu and Davao had the highest condo stock among other provinces in the country in 2022.

Residential real estate price index in the Philippines from 2016 to 2023

Characteristic	Price index
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Release date

March 2024

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Region

Asia, Philippines

Survey time period

2016 to 2023

Special properties

base value was Q1 2014 which was equivalent to 100

Supplementary notes

All housing units include single detached/attached house, duplex, townhouse, condominium unit, with the exception of apartments due to very few observations.

Values were based on bank reports on residential real estate loans granted per BSP Circular No. 892 dated November 16, 2015.

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