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.