Half of banks’ home loans used for condo purchases
The urban living boom is so real.
The Bangko Sentral ng Pilipinas (BSP) reported that residential property prices have gone up by 4.4 percent in the third quarter of 2018 nationwide.
For the same quarter, the BSP said that 71 percent of residential real estate loans were used to buy new homes. Of this, a whopping 53.2 percent went into buying condominium units.
More than a third went for buying single detached homes, followed by 7.6 percent for townhouses.
Bulk of these home loans were granted for Metro Manila condo acquisitions.