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The residential real estate prices of various types of new housing units declined for two consecutive quarters due mainly to the effects of the global health crisis, according to the latest Residential Real Estate Price Index released by the Bangko Sentral ng Pilipinas over the weekend.


The nationwide house prices in the second quarter this year contracted 9.4 percent year on year, deeper than the 4.2-percent decline a quarter ago.


“High base effects may also have contributed to the drop in prices given the registered peak of the index in Q2 2020. In contrast, property prices increased by 4.8 percent quarter-on-quarter,” the BSP said.