The total value of residential condominium construction surged high to 252.6 percent in the first quarter of 2018, based on the data obtained from the Philippine Statistics Authority (PSA).
Preliminary data from approved building permits in the first quarter showed the number of residential condominiums constructed increased by 109.5 percent.
This led to a growth of 32.8 percent in construction value nationwide in the first quarter of the year.
The value of residential building constructions increases by 70.6 %, from 37,776,085.865 to 64,438,565.832 as reported during the same period of 2017.
The total value of constructions in the first quarter of 2018 reached 640 Million, higher than the 534 Million construction value recorded during the same quarter in 2017.
Apart from residential condominiums, duplexes/quadruplex posted an increase in construction value during the first quarter of this year.
The increase in construction value slowed down to a 2.6 % increase in the total number of construction during the period of January to March 2018.
The total value of constructions in non-residential meanwhile decreases by 5.3%, from 32.8 Million it contracted to P31 million as recorded during the same quarter of 2017.
Institutional constructions valued at P8.1 million increased to 10.7 million, a 31.6 percent increase in comparison to the same quarter of 2017. #
Real LexEcon 