The prices for Single Detached Homes in the NCR declined by a substantial 5.33% year over year, from 91.9 as of the first quarter 2017 to 87.0 as of the first quarter of 2018. Ex-NCR prices for Single Detached Homes decllined by -0.37% for same time period. On an overall basis, prices for Single Detached Homes declined by -0.56% year over year.
Duplex prices increased very substantially. NCR prices increased by 465.77% for the year leading up to the first quarter of 2018. For Ex-NCR, the increase in duplex prices was much more muted, only 4.16% year on year for the same period. Overall, Philippine duplex prices rose by 44.19% year on year, from 91.2 in 2017 Q1 to 131.5 as of 2018 Q2.
Townhouse prices also increased substantially year on year. NCR townhouses increased in price by 9.06% for the year. Ex-NCR townhouses increased by 15.64% for the same period. Overall, Philippine townhouse prices increased by 7.26% year on year to reach 122.4 in 2018 Q1, up from 107.7 in 2017 Q1.
Condominiums were another bright spot in the residential real estate sector. Throughout the Philippines, prices gained 2.03% year-over-year. The gains were primarily due to NCR condominiums, which rose 3.31% year-over-year. Ex-NCR condominium prices declined by -3.13% in one year.
How reliable are these trends? BSP's Residential Real Estate Price Index (RREPI) is relatively new, having begun only in the second quarter of 2015. So, it's a little over two years old and the results have been volatile. The kinks in the statistics will, hopefully, over time, be worked out.
Read: The Unbearable Volatility of BSP's Residential Real Estate Price Index
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