Nationwide residential property prices grew marginally year-on-year in the second quarter, marking the slowest pace since the start of the residential property price index series in the first quarter of 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 (NCR).

AONCR recorded its first year-on-year decline, reflecting broad-based price weakness across the region. Other Areas in the Philippines registered the steepest contraction, while Balance Greater Manila Area posted its first year-on-year decline.

Price trends were mixed across housing types, as condominium prices continued to increase while house prices declined.

Residential real estate lending mirrored regional property price trends. Loan growth was robust in the NCR but contracted slightly in AONCR. Within AONCR, Balance GMA was the only area to post moderate year-on-year growth.

Loan growth remained strong for condominium units, particularly in key urban centers. Meanwhile, loans for houses declined, reflecting weaker lending activity across AONCR. Bangko Sentral ng Pilipinas