Home loans take a hit in Q3 2022 as property prices climb

Fewer buyers took out loans to acquire new homes in the third quarter of 2022 amid rising property prices, the Bangko Sentral ng Pilipinas (BSP) has found.

Data from the BSP’s residential real estate price index showed a 4.2% year-on-year decline in the number of housing loans granted during the quarter. This came as property prices rose sharply from April-June 2022.

“The average appraised value of new housing units in the country stood at Php84,589 per square meter (sqm) in Q3 2022,” the central bank said in a statement.

In Metro Manila, appraised residential property values averaged P139,283 per square meter, more than double the provincial rate of P47,129.

https://bilyonaryo.com/2022/12/31/home-loans-take-a-hit-in-q3-2022-as-property-prices-climb/property/