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Manila Bulletin devider Business devider Banking & Finance devider Philippine home prices hit slowest growth on record

Philippine home prices hit slowest growth on record

Published Dec 26, 2025 02:33 pm

At A Glance

  • Housing prices in the Philippines expanded by below two percent in the third quarter of 2025, marking the slowest inflation in history.

Housing prices in the Philippines expanded by less than two percent in the third quarter of 2025, marking the slowest annual inflation on record.

According to the Residential Property Price Index (RPPI) reported by the Bangko Sentral ng Pilipinas (BSP) on Friday, Dec. 26, price growth for all types of housing units in the Philippines slowed to 1.9 percent in the July-to-September period, significantly lower than the 7.6 percent posted in the same quarter last year.

Notably, the sharp easing in prices was largely driven by house prices, which slowed to 1.9 percent from 9.4 percent in the third quarter of 2024. Growth in condominium unit prices also decelerated to 1.4 percent from 4.8 percent a year earlier.

While the trend mirrored price movements in Metro Manila and areas outside National Capital Region (AONCR), the slowdown in NCR—where price growth eased to 2.3 percent from 7.2 percent last year—did not mark the weakest on record.

To recall, prices of all types of housing units in the capital region contracted by 1.9 percent in the fourth quarter of 2023, driven by a deeper 4.8-percent drop in condominium prices. The 4.5-percent increase in NCR house prices during that period was not enough to offset the contraction.

To date, this record low posted in late 2023 remains the weakest level ever recorded for Metro Manila.

Meanwhile, housing prices in AONCR also posted their slowest increase on record at 1.6 percent, down sharply from the 8.1-percent inflation rate in the third quarter of 2024.

House price increases outside Metro Manila slowed to one percent in the third quarter from nine percent a year earlier. Likewise, condominium unit price hikes eased to 3.2 percent from four percent.

During the quarter, the median price of residential properties nationwide stood at ₱3,462,235—slightly below the ₱3,469,830 median price for condominium units but higher than the ₱3,292,100 median price of houses.

Across the country, availments of residential real estate loans (RRELs) increased both year-on-year and quarter-on-quarter, signaling sustained housing demand.

Most RRELs were used to purchase new housing units, accounting for 77.8 percent, while 21.9 percent went to pre-owned properties and 0.4 percent to foreclosed assets. By housing type, loans were mainly for houses at 54.9 percent, followed by condominium units at 45.1 percent.

RPPI tracks the average movement of housing prices over time based on banks’ data from actual housing loans. As of the third quarter, banks’ and trust entities’ RRELs rose by 11.2 percent to ₱1.19 trillion from ₱1.07 trillion a year earlier.

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