Singapore Breaks its Controlled Slide of House Prices While Philippine House Prices Hit New Highs in 2017 Q4

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore, Hong Kong, and the Philippines.

Singapore

Singapore's home prices which have been declining for fourteen straight quarters, have resumed their upward trend. Home prices have rebounded by 1.51% off the low of 166.15 as of the second quarter of 2017. Howevery, home prices are still  68.66% above their year-end 2004 levels. Overall prices levels, as measured by inflation have just increased by 29.67% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by almost than 40 percentage points.

 Malaysia


Neighboring Malaysia's House Price Index now stands at 267.28 as of the third quarter 2017, 167.28% higher than year-end 1998 levels.  General price levels as of the third quarter 2017 are only around 53.54% higher than their year-end 1998 levels.

 Thailand

 Thailand's home prices have still not kept up with inflation. As of the fourth quarter of 2017, home prices are just 19.22% above their year-end 2004 levels, while the inflation index is 34.99% above its year-end 2004 levels.

 

Indonesia 

Meanwhile, in Indonesia, home prices have shown no signs of slowing down their upward trajectory. In fact, prices are now at 150.44 as of the fourth quarter of 2017 or 50.44% above their first quarter 2001 levels. Inflation, however, has marched higher. General prices are 82.71% above their first quarter 2007 levels. House prices, therefore, have lagged inflation by 32.27%.

 Philippines

Philippine house price index stands at 241.08% as of the fourth quarter 2017 or over 141.08% above their year-end 2004 levels.  Philippine home prices have posted one of the largest 10 year gains among all the countries considered in this blog post.  Philippine home prices have outstripped inflation by over seventy percentage points.  General prices stood at 168.54% or 68.54% above their year-end 2004 levels. Like Indonesia, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Singapore Breaks its Controlled Slide of House Prices While Philippine House Prices Hit New Highs in 2017 Q3

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore, Hong Kong, and the Philippines.

Singapore

Singapore's home prices have now been declining for fourteen straight quarters, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  67.32% above their year-end 2004 levels. Overall prices levels, as measured by inflation have just increased by 29.59% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by almost than 40 percentage points.

 Malaysia


Neighboring Malaysia's House Price Index now stands at 255.74 as of the fourth quarter 2016, 155.74% higher than year-end 1998 levels.  General price levels as of the fourth quarter 2016 are only around 49.03% higher than their year-end 1998 levels.

Indonesia

Meanwhile, in Indonesia, home prices have shown no signs of slowing down their upward trajectory.  In fact, prices are now at 149.75 as of the third quarter of 2017 or 49.75% above their first quarter 2007 levels. Inflation, however, has marched higher.  General prices are 81.32% above first quarter 2007 levels. House prices, therefore, have lagged inflation by 31.37%.

Philippines

Philippine house price index stands at 235.20% as of the third quarter 2017 or over 135.20% above their year-end 2004 levels.  Philippine home prices have posted one of the largest 10 year gains among all the countries considered in this blog post.  Philippine home prices have outstripped inflation by almost seventy percentage points.  General prices stood at 167.13% or 67.13% above their year-end 2004 levels. Like Indonesia, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

 

Singapore Continues its Controlled Slide of House Prices While Philippine House Prices Hit New Highs in 2017 Q1

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore, Hong Kong, and the Philippines.

Singapore

Singapore's home prices have now been declining for fourteen straight quarters, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  66.32% above their year-end 2004 levels. Overall prices levels, as measured by inflation have just increased by 29.19% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by almost than 40 percentage points.

Malaysia


Neighboring Malaysia's House Price Index now stands at 262.42 as of the third quarter 2016, 162.42% higher than year-end 1998 levels.  General price levels as of the third quarter 2016 are only around 48.41% higher than their year-end 1998 levels.

Thailand


In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54, just 0.54% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08 posted in the third quarter of 2009. Since 2013, home prices have rebounded to 114.50 or 14.50% higher than its year-end 2004 levels, way below its expected inflation adjusted levels. General Price levels are 34.51% above their year-end 2004 levels. In other words, Thailand Home Prices have lagged inflation by as much as 20.01% since their year-end 2004 levels.

Indonesia

Meanwhile, in Indonesia, home prices have shown no signs of slowing down their upward trajectory.  In fact, prices are now at 146.32 or 46.32% above their first quarter 2007 levels. Inflation, however, has marched higher.  General prices are 77.52% above first quarter 2007 levels, lagging inflation by 31.20%.

Philippines


Philippine house price index stands at 225.44% as of the first quarter 2017 or over 125.44% above their year-end 2004 levels.  Philippine home prices have posted one of the largest 10 year gains among all the countries considered in this blog post.  Philippine home prices have outstripped inflation by more than sixty percentage points.  General prices stood at 164.63% or 64.63% above their year-end 2004 levels. Like Indonesia, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Singapore Continues its Controlled Slide of House Prices While Philippine House Prices Decline Slightly in 2016

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore, Hong Kong, and the Philippines.


Singapore



Singapore's home prices have now been declining for thirteen straight quarters, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  68.93% above their year-end 2004 levels. Overall prices levels, as measured by inflation have just increased by 28.97% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by almost than 40 percentage points.

Malaysia


Neighboring Malaysia's House Price Index now stands at 235.06 as of the third quarter 2016, 135.06% higher than year-end 2004 levels.  General price levels as of the third quarter 2016 are only around 34.15% higher than their year end 2004 levels.

Thailand


In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54, just 0.54% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08 posted in the third quarter of 2009. Since 2013, home prices have rebounded to 114.69 or 14.69% higher than its year-end 2004 levels, way below its expected inflation adjusted levels. General Price levels are 34.09% above their year-end 2004 levels. In other words, Thailand Home Prices have lagged inflation by as much as 19.40% since their year-end 2004 levels.

Indonesia

Meanwhile, in Indonesia, home prices have shown no signs of slowing down their upward trajectory.  In fact, prices are now at 146.88 or 46.88% above their first quarter 2007 levels. Inflation, however, has marched higher.  General prices are 75.92% above first quarter 2007 levels, lagging inflation by 29.04%.

Philippines


Philippine house price index stands at 218.47% as of year-end 2016 or over 118.48% above their year-end 2004 levels.  Philippine home prices have posted one of the largest 10 year gains among all the countries considered in this blog post.  Philippine home prices have outstripped inflation by more than fifty percentage points.  General prices stood at 163.35% or 63.35% above their year-end 2004 levels. Like Indonesia, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Singapore, Malaysia, and Thailand Post Flat to Declining Housing Prices, Can the Philippines and Indonesia be Not Far Behind? - 2nd Qtr 2015

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore, Hong Kong, and the Philippines.

Singapore


Singapore's home prices have now been declining for seven straight quarters, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  75.50% above their year end 2004 levels. Overall prices levels, as measured by inflation have just increased by 30.09% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by more than 45 percentage points.

Malaysia




Neighboring Malaysia's House Price Index actually topped out at 182.14 in the fourth quarter of 2014 and has declined to 180.24 as of the second quarter of 2015.  Home prices are 80.24% above their year end 2004 levels.  General price levels are around 50 percentage points lower, at 31.06% above their year end 2004 levels.

Thailand




In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54, just 0.54% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08 posted in the third quarter of 2009. In the second quarter of 2015, home prices have rebounded to 105.43, or 5.43% higher than its year-end 2004 levels, way below its expected inflation adjusted levels. General Price levels are 34.50% above their year end 2004 levels.

Indonesia



Meanwhile in Indonesia, home prices have showed no signs of slowing down their upward trajectory.  In fact, prices seem to have gone parabolic, climbing 4.63% in the last quarter of 2013, from a base of 121.49 as of the third quarter of 2013 to 127.11 as of year end 2013.  In the second quarter of 2015, home prices have climbed an additional 9.75% to reach 139.51.  Since the first quarter of 2007, home prices have risen 39.51%. Indonesian Home Prices, like every other country in this list with the exception of Thailand, have climbed faster inflation since 2007.

Hong Kong


Hong Kong real estate prices have leaped by 234.46% in a little over 10 years to reach a staggering 345.03 as of the second quarter of 2015 from a base of 100 since year-end 2004. General inflation levels have just climbed 37.87% during this same period.  In other words, Hong Kong home prices have outpaced inflation by an astounding 207.16% during this period, the highest rate of appreciation in the countries covered in this post.

Philippines


Philippine house price index stands at 217.20 at the end of the second quarter 2015 or over 117.20% above their year-end 2004 levels.  Philippine home prices, with the exception of Hong Kong, have posted the largest 10 year gains among all the countries considered in this blog post.  Like Singapore and Malaysia, Philippine home prices have outstripped inflation by around fifty-seven percentage points.  Like Indonesia and Hong Kong, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Source: Global Property Guide, Trading Economics

Singapore, Malaysia, and Thailand Post Flat to Declining Housing Prices, Can the Philippines and Indonesia be Not Far Behind? - 1st Qtr 2015

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore, Hong Kong, and the Philippines.

Singapore


Singapore's home prices have now been declining for six straight quarters, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  77.08% above their year end 2004 levels. Overall prices levels, as measured by inflation have just increased by 30.22% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by almost 50 percentage points.

Malaysia



Neighboring Malaysia's House Price Index actually topped out at 181.64 in the second quarter of 2014 and has declined to 178.84 as of the first quarter of 2015.  Home prices are 78.84% above their year end 2004 levels.  General price levels are around 50 percentage points lower, at 30.37% above their year end 2004 levels.

Thailand

In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54, just 0.54% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08 posted in the third quarter of 2009. In the first quarter of 2015, home prices have rebounded to 106.32, or 6.32% higher than its year-end 2004 levels, way below its expected inflation adjusted levels. General Price levels are 34.88% above their year end 2004 levels.

Indonesia

Meanwhile in Indonesia, home prices have showed no signs of slowing down their upward trajectory.  In fact, prices seem to have gone parabolic, climbing 4.63% in the last quarter of 2013, from a base of 121.49 as of the third quarter of 2013 to 127.11 as of year end 2013.  In the first quarter of 2015, home prices have climbed an additional 9.00% to reach 138.57.  Since the first quarter of 2007, home prices have risen 38.54%. Indonesian Home Prices, like Thailand, have lagged inflation since 2007.

Hong Kong

Hong Kong real estate prices have leaped by 234.46% in a little over 10 years to reach a staggering 334.46 as of the first quarter of 2015 from a base of 100 since year-end 2004. General inflation levels have just climbed 36.85% during this same period.  In other words, Hong Kong home prices have outpaced inflation by an astounding 197.61% during this period, the highest rate of appreciation in the countries covered in this post.

Philippines

Philippine house price index stands at 214.79% at the end of the first quarter 2015 or over 114.79% above their year-end 2004 levels.  Philippine home prices, with the exception of Hong Kong, have posted the largest 10 year gains among all the countries considered in this blog post.  Like Singapore and Malaysia, Philippine home prices have outstripped inflation by around fifty-five percentage points.  Like Indonesia and Hong Kong, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Source: Global Property Guide, Trading Economics

Singapore, Malaysia, and Thailand Post Flat to Declining Housing Prices, Can the Philippines and Indonesia be Not Far Behind? - 4th Qtr 2014

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore, Hong Kong, and the Philippines.

Singapore


Singapore's home prices have now been declining for five straight quarters, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  78.90% above their year end 2004 levels. Overall prices levels, as measured by inflation have just increased by 30.33% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by almost 50 percentage points.

Malaysia


Neighboring Malaysia's House Price Index actually topped out at 181.64 in the second quarter of 2014 and has plateaued at 180.95 for the past two quarters of 2014.  Home prices are 80.95% above their year end 2004 levels.  General price levels are a staggering around 50 percentage points lower, at 30.15% above their year end 2004 levels.

Thailand



In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54, just 054% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08 posted in the third quarter of 2009. In the fourth quarter of 2014, home prices have rebounded to 105.44, or 5.44% higher than its year-end 2004 levels, way below its expected inflation adjusted levels. General Price levels are 35.05% above their year end 2004 levels.

Indonesia


Meanwhile in Indonesia, home prices have showed no signs of slowing down their upward trajectory.  In fact, prices seem to have gone parabolic, climbing 4.63% in the last quarter of 2013, from a base of 121.49 as of the third quarter of 2013 to 127.11 as of year end 2013.  In the fourth quarter of 2014, home prices have climbed an additional 7.44% to reach 136.57.  Since the first quarter of 2007, home prices have risen 36.57%. Indonesian Home Prices, like Thailand, have lagged inflation since 2007.

Hong Kong

Hong Kong real estate prices have leaped by 219.33% in a little over 10 years to reach a staggering 319.33 from a base of 100 since year-end 2004. General inflation levels have just climbed 35.36% during this same period.  In other words, Hong Kong home prices have outpaced inflation by an astounding 183.96% during this period, the highest rate of appreciation in the countries covered in this post.

Philippines

Philippine house price index stands at 210.64% at the end of the fourth quarter 2014 or over 110.64% above their year-end 2004 levels.  Philippine home prices, with the exception of Hong Kong, have posted the largest 10 year gains among all the countries considered in this blog post.  Like Singapore and Malaysia, Philippine home prices have outstripped inflation by around fifty percentage points.  Like Indonesia and Hong Kong, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Source: Global Property Guide, World Bank, Trading Economics

Singapore, Malaysia, and Thailand Post Flat to Declining Housing Prices, Can the Philippines and Indonesia be Not Far Behind? - 3rd Qtr 2014

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore and the Philippines.

Singapore


Singapore's home prices slid for four straight quarters, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  81% above their year end 2004 levels. Overall prices levels, as measured by inflation have just increased by 30.37% since year end 2004.  In other words, for the past ten years, Singaporean home prices have outpaced inflation by more than 50 percentage points.

Malaysia

Neighboring Malaysia's House Price Index actually topped out at 135.44% in the second quarter of 2011 and has posted a 3.37% decline since then to 130.87% as of the fourth quarter of 2013.  In the first quarter of 2014, home prices rebounded to 133.03% and have continued to march higher to 134.22% as of the third quarter 2014, reducing the overall decline from the peak to just 1.02%.  Home prices are just 34.22% above their year end 2004 levels.  General price levels are only around six percentage points lower, at 28.26% above their year end 2004 levels.

Thailand


In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54%, just 054% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08% posted in the third quarter of 2009. In the third quarter of 2014, home prices have rebounded to 106.23%, or 6.23% higher than its year-end 2004 levels, way below its expected inflation adjusted levels. General Price levels are 34.68% above their year end 2004 levels.

Indonesia

Meanwhile in Indonesia, home prices have showed no signs of slowing down their upward trajectory.  In fact, prices seem to have gone parabolic, climbing 4.63% in the last quarter of 2013, from a base of 121.49% as of the third quarter of 2013 to 127.11% as of year end 2013.  In the third quarter of 2014, home prices have climbed an additional 6.64% to reach 133.75%.  Since the first quarter of 2007, home prices have risen 33.75%. Indonesian Home Prices, like Thailand, have lagged inflation since 2007.

Philippines

Philippine house price index stands at 208.08% at the end of the third quarter 2014 or over 108.08% above their year-end 2004 levels.  Philippine home prices have posted the largest 10 year gains among all the countries considered in this blog post.  Like Singapore, Philippine home prices have outstripped inflation by more than fifty percentage points.  Like Indonesia, Philippine home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Source: Global Property Guide, World Bank, Trading Economics

Singapore, Malaysia, and Thailand Post Flat to Declining Housing Prices, Can the Philippines and Indonesia be Not Far Behind? - 1st Qtr 2014

Almost all countries discussed in this blog post, with the exception of Thailand, have been experiencing rapid growth in home prices that have outstripped inflation by a wide margin.  The gap between home prices and their inflation adjusted levels are at the widest ever, particularly in Singapore and the Philippines.

Singapore


Singapore's home prices slid for a second straight quarter, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  84% above their year end 2004 levels.

Malaysia

Neighboring Malaysia's House Price Index actually topped out at 135.44% in the second quarter of 2011 and has posted a 3.37% decline since then to 130.87% as of the fourth quarter of 2013.  In the first quarter of 2014, home prices rebounded to 133.03%, reducing the decline from the peak to just 1.78%.  Home prices are just 33.03% above their year end 2004 levels.

Thailand


In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54%, just 054% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08% posted in the third quarter of 2009. In the first quarter of 2014, home prices have rebounded to 102.13%, or 2.13% higher than its year-end 2004 levels, way below its expected inflation adjusted levels.

Indonesia

Meanwhile in Indonesia, home prices have showed no signs of slowing down their upward trajectory.  In fact, prices seem to have gone parabolic, climbing 4.63% in the last quarter of 2013, from a base of 121.49% as of the third quarter of 2013 to 127.11% as of year end 2013.  In the first quarter of 2014, home prices have climbed an additional 2.56% to reach 130.36%.  Since the first quarter of 2007, home prices have risen 30.36%. Indonesian Home Prices, like Thailand, have lagged inflation since 2007.

Philippines

Philippine house price index stands at 199.50% at the end of the first quarter 2014 or almost 100.00% above their year-end 2004 levels.  Philippine home prices have posted the largest 10 year gains among all the countries considered in this blog post.  Like Indonesia, home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.

Singapore, Malaysia, and Thailand Post Flat to Declining Housing Prices, Can the Philippines and Indonesia be Not Far Behind?

Singapore


Singapore's home prices slid for a third straight quarter, which, according to Bloomberg, is the longest losing streak in five years.  Home prices are still  86% above their year end 2004 levels.

Malaysia

Neighboring Malaysia's House Price Index actually topped out at 141.25% in the second quarter of 2012 and has posted a 3.37% decline since then to 136.48% as of the fourth quarter of 2013.  Home prices are just 36.48% above their year end 2004 levels.

Thailand


In Thailand, which has been experiencing political turmoil for some time, home prices have remained essentially flat since the end of 2004. Home Prices ended 2013 with the index at 100.54%, just 054% higher than the end of 2004, but showing a substantial recovery since the recent low of 74.08% posted in the third quarter of 2009.

Indonesia

Meanwhile in Indonesia, home prices have showed no signs of slowing down their upward trajectory.  In fact, prices seem to have gone parabolic, climbing 4.63% in the last quarter of 2013, from a base of 121.49% as of the third quarter of 2013 to 127.11% as of year end 2013.  Since 2006, home prices have risen 36.48%

Philippines

Philippine house price index stands at 196.65% at year end 2013, 96.65% above their year-end 2004 levels.  Philippine home prices have posted the largest 10 year gains among all the countries considered in this blog post.  Like Indonesia, home prices have so far no signs of slowing down their upward trajectory for the foreseeable future.   The question is, is this momentum sustainable?  Or will the Philippines and Indonesia follow its ASEAN neighbors, Singapore, Malaysia, and Thailand, in exhibiting plateauing or declining house prices?  That remains to be seen.