Philippine Home Prices Grow 0.4 Percent in the Second Quarter, Slowest Since 2019

Philippine residential property prices rose just 0.4 percent year on year in the second quarter of 2026, the slowest pace recorded since the first quarter of 2019, according to the Bangko Sentral ng Pilipinas Residential Property Price Index. The aggregate figure conceals a split market: condominium prices nationwide rose 6.0 percent while houses fell 4.1 percent, and prices in the National Capital Region climbed 5.2 percent as areas outside the capital declined 2.7 percent.

What it means for a foreign buyer

The headline number is close to useless for you, and acting on it would be a mistake. A foreign national cannot own land in the Philippines and is confined to condominium units under the 40 percent project cap, which means the only segment you are legally able to buy is the one segment that is still appreciating meaningfully. Condominiums rose 6.0 percent nationally and 7.4 percent in the National Capital Region, accelerating from 4.6 percent the previous quarter. The minus 4.1 percent on houses, which drags the aggregate down to 0.4 percent, applies to an asset class closed to you. If a broker or a developer's sales agent tells you the Philippine market is flat and prices you accordingly, check which index line they are quoting, because a Makati or Bonifacio Global City unit is being repriced upward at more than seven percent a year.

The geography matters just as much as the asset class. Condominiums outside the capital rose only 3.4 percent, and the wider provincial picture is negative: houses outside the National Capital Region fell 4.5 percent, the residual "other areas" category fell 5.3 percent, the balance of the Greater Manila Area fell 3.0 percent and Metro Cebu was flat at minus 0.2 percent. Only Metro Mindanao rose, at 2.1 percent. If you are holding a provincial condominium bought on a rental-yield pitch, your exit is thinner than it was a year ago, and a resale in Cebu or the Greater Manila fringe will not carry the capital appreciation the NCR is still producing. If you are buying now, the divergence argues for paying the NCR premium rather than reaching for provincial pricing.

One index, two entirely different markets, and you are only permitted to enter one of them.

What changed

The Residential Property Price Index grew 0.4 percent year on year in the second quarter of 2026, down from the pace of prior quarters and the weakest reading since the first quarter of 2019. Quarter on quarter the index rose 0.1 percent, effectively flat.

The breakdown by property type: condominiums up 6.0 percent nationwide, accelerating from 4.6 percent in the first quarter, against houses down 4.1 percent. Splitting that by region, condominiums rose 7.4 percent in the National Capital Region and 3.4 percent outside it, while houses fell 3.1 percent in the capital and 4.5 percent outside it.