Condominium prices contracted in the second half of 2020 but monetary officials are not worried, citing the pandemic as the factor for the negative print.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the share of condominiums in the overall growth in prices of real estate properties in the country dipped by -5.9 percent in the third quarter and by -2.4 percent in the fourth quarter of last year.
In the fourth quarter of 2019, the contribution of condominiums in the year-on-year growth of the Residential Real Estate Price Index was 6.6 percent.
Diokno said, “Condominium units contracted year-on-year due to the postponement of new launches by developers and tepid demand for transient dwelling amid the pandemic.”
The index, which uses bank data on appraised values of new residential mortgages based on housing types, is being used by the BSP to monitor changes in residential prices in the country.