Philippine home prices post slowest growth on record in Q2 2026: BSP
Philippine home prices grew just 0.4 per cent year on year in the second quarter, the slowest since the series began in 2019, driven by a first-ever annual decline outside Manila. Condominium prices rose 6 per cent, while house prices fell 4.1 per cent.
Home prices in the Philippines grew at the slowest pace on record in the second quarter, as a slump in property prices outside the capital region offset sustained gains in Manila, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
Based on the BSP's Residential Property Price Index (RPPI), housing prices nationwide inched up by an annual 0.4 per cent in the April-to-June period, much slower than the 4.5 per cent growth in the first quarter and 7.5 per cent a year ago. This marked the weakest year-on-year expansion since the index began in the first quarter of 2019.
"Nationwide residential property prices grew marginally year-on-year in Q2 2026, marking the slowest pace since the start of the RPPI series in Q1 2019," the central bank said. "This was driven by the decline in residential property prices in Areas Outside the NCR, which offset the sustained growth in the National Capital Region."
Quarter on quarter, residential property prices inched up 0.1 per cent, slowing from 5.6 per cent in the first quarter and 4.2 per cent in the second quarter of 2025. The RPPI measures average price changes using banks' data on actual housing loans, providing insight into real estate and credit market conditions.
BSP data showed home prices in the National Capital Region (NCR) rose 5.2 per cent annually in the second quarter, outpacing the 3.5 per cent growth a quarter earlier and 2.4 per cent a year ago. Quarter on quarter, however, NCR prices fell 2 per cent. Meanwhile, housing prices outside the NCR declined year on year for the first time, dropping 2.7 per cent, reversing the 5.7 per cent climb in the first quarter and 11.5 per cent a year earlier.
Prices of condominium units climbed 6 per cent in the second quarter, faster than the 4.6 per cent in the January-to-March period and turning around the 0.2 per cent dip a year ago. House prices, including single houses, townhouses, duplexes and apartments, slipped 4.1 per cent, reversing the 3.9 per cent expansion in the first quarter and 13.1 per cent growth a year earlier.
The median price of all housing types nationwide stood at P3.906 million, with condominium units at P4.129 million and houses at P3.533 million. NCR remained the most expensive region at a median P5.409 million, while Areas Outside the NCR saw a median of P3.451 million. Residential real estate lending mirrored these trends, with robust loan growth in the NCR but a slight contraction in AONCR.
