MANILA, March 27 -- Residential real estate prices went up year-on-year in the fourth quarter of 2023 but registered a contraction quarter-on-quarter.

Residential Real Estate Price Indices (RREPI) data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed a 6.5 percent year-on-year increase in residential real estate prices nationwide.

The BSP however said that quarter-on-quarter, the index recorded a contraction of 3.6 percent.

The RREPI is a measure of the average change in the prices of various types of housing units, such as single-detached or attached houses, duplex housing units, townhouses, and condominium units, based on banks' data on actual mortgage loans granted to acquire new housing units.

Growth in reside...