By Madelaine B. Miraflor
The cost of buying a new home across most parts of the Philippines have gone up by 33 percent during the first nine months of the year, based on a data provided by online real estate portal Property24.
Based on the combined residential listings on Property24 and OLX, prices of condominiums, house and lot properties, and townhouses all saw double-digit increases from January to September this year.
The average price of condominiums, for instance, 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.
Makati City’s average condominium prices also decreased by 55 percent, while Novaliches City’s condo units’ prices declined by 41 percent.
House and lot prices, on the other hand, saw an increase of 33 percent. In Metro Manila, all cities’ house and lot prices rose, except for Makati, Muntinlupa, and Pateros.
In cities outside Metro Manila, house and lot prices increased overall, except for Davao del Norte and Cavite. 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.
Meanwhile, townhouses had a price increase of 18 percent. Davao del Norte and Makati City had price surges of 606 percent and 207 percent respectively.