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Weak demand amid pandemic pulls down home prices in Q3 — BSP
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Metro Manila (CNN Philippines, December 23) — Prices of residential properties contracted annually in the third quarter of 2020, the Bangko Sentral ng Piilipinas has reported.
Prices went down by 0.4 percent year-on-year, the latest Residential Real Estate Price Index (RREPI) revealed. The BSP noted this is the first time the index recorded a negative annual growth since it was first unveiled in the first quarter of 2016.
"The decline in the RREPI may be partly due to the weak consumer demand for houses and lots," said the central bank, adding it is consistent with the results of its recent consumer expectations survey. That survey showed participants' "low preference" for purchasing real estate property as the COVID-19 pandemic and the resulting economic instability continue to persist.

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