1. Philippines’ Real Estate Market Soars: Property Prices Reach New Heights
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Property values in the Philippines are rising remarkably, with a sizable increase observed throughout the real estate sector. Property prices have reached unheard-of heights as demand for homes and investment options rises steadily, showing a robust and vibrant market in the nation.
- After rising by 6% YoY the previous quarter, Philippine home prices increased by 6.5% YoY in September 2022.
- Data on year-over-year growth is provided from Mar 2015 through Sep 2022 and is updated quarterly with an average growth rate of 3.9%.
- Data on home prices peaked at 26.6% in June 2020 and fell to a record-low -9.4% in June 2021.
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2. Unlocking the Potential: Exploring the Booming Home Finance Industry Driven by Pent-Up Demand for houses in the Philippines
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Nowhere are the effects of the Philippines’ sustained economic growth more apparent than in the construction industry, which is benefitting from pent-up demand and a positive outlook for future growth. This favourable momentum has driven the industry to one of the country’s highest growth rates, with data from the Philippine Statistics Authority (PSA) reporting growth of 11% in 2014, 10.4% in 2015 and a jump to 14.6% in 2016.
As a result, the construction industry’s economic contribution has increased from P802.9bn ($17 Bn) in 2014 – worth 6.3% of national GDP – to P1trn ($21.5 Bn) in 2016, comprising 7% of GDP.
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3. When it comes to home loans, the first thing that comes to mind is the Pag-IBIG Fund
When it comes to home loans, the first thing that comes to mind is the Pag-IBIG Fund. A strong testament to that is its ₱100.08 Bn worth of home releases in 2021. It seems the momentum continues, as the state-run home development mutual fund projects will reach ₱105 Bn by the end of 2022.
Without a doubt, many Filipinos choose Pag-IBIG to finance their dream home. However, banks also offer home loans with competitive rates and flexible terms. The number of choices can be overwhelming, some of which are RCBC, Union bank, Security Bank Housing loans, AUB bank, China bank home plus, HSCBC Home Loan, Maybank and PNB etc.
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