Property

Covid-proof: Luxury condos lead Metro Manila property surge amid tanking economy – BSP

There was a sudden surge in property prices in the second quarter, which occurred right in the middle of an economic meltdown due to COVID-19 lockdown.

There was a sudden surge in property prices in the second quarter, which occurred right in the middle of an economic meltdown due to COVID-19 lockdown.

Latest central bank data showed an average 27.1 percent spike in residential property prices in April-June versus last year.

Metro Manila is where all the action is as home costs rocketed by more than a third or 34.9 percent.

Condominium units were the hottest properties, jumping by 30 percent from last year.

The Bangko Sentral ng Pilipinas said the sharp rise was accounted for by high-end or luxury units. About two-thirds of new home loans were for condo purchases, with nearly 60 percent within Manila, followed by single homes.

Single detached houses were next in price increases at 24.1 percent, followed by 11 percent climb for townhouses. The price tag on duplexes stayed steady as of end-June.

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