RESIDENTIAL property prices in the Philippines markedly slowed in the second quarter, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
The 0.4-percent year-on-year expansion, down from 4.5 percent in the first three months of 2026 and 7.5 percent in April-June 2025, was the slowest since the central bank began tracking residential property prices in 2019.
“This was driven by the decline in residential property prices in Areas Outside the NCR (AONCR), which offset the sustained growth in the National Capital Region,” the BSP said in a statement.
On a quarter-on-quarter basis, residential property price growth also slowed to just 0.1 percent after a 5.6-percent increase in the first quarter but rebounded from the 1.3-percent decline seen a year earlier.
Prices in the National Capital Region grew by a faster 5.2 percent year on year compared to 3.5 percent in the first quarter, but those outside the capital plunged by 2.7 percent after growing 5.7 percent in the first three months of the year.
“AONCR recorded its first year-on-year decline, reflecting broad-based price weakness across the region,” the BSP said.
Broken down, “Other Areas in the Philippines registered the steepest contraction, while Balance Greater Manila Area posted its first year-on-year decline,” the BSP said.
Prices in Other Areas in the Philippines fell by 5.3 percent, worsening from -4.7 percent in the first quarter, while Balance GMA saw a 3.0-percent drop from 9.7-percent growth three months earlier.
Metro Cebu also recorded a 0.2-percent dip after first-quarter growth of 9.4 percent, and only Metro Mindanao saw higher growth of 2.1 percent from 1.3 percent.
By housing type, condominium prices continued to increase, rising 6.0 percent year-on-year nationwide in the second quarter. This marked a fourth consecutive quarter of annual growth.
House prices, meanwhile, fell for the first time, posting a 4.1-percent drop from a 3.9-percent increase in the first quarter.
Condominium prices increased in both NCR and AONCR by 7.4 percent and 3.4 percent, respectively. House prices, however, declined by 3.1 percent in NCR and 4.5 percent in AONCR.
Amid the slowdown in property prices, residential real estate lending showed signs of recovery, rising by 3.1 percent nationwide from 1.3 percent in the first quarter and 14.7 percent a year ago.
The recovery in lending was particularly visible in NCR, where growth rose to 11 percent year on year, from 7.6 percent and 10.3 percent three months and a year earlier.
AONCR saw a 0.1-percent dip after the first quarter’s 1.1-percent decline, due in part by a 17.0-percent plunge in lending in Metro Mindanao.