Q2 Philippine GDP revised upward to 6.4 percent, and other headlines

For PropertyGuru’s real estate news roundup, the Philippine Statistics Authority (PSA) revised upward the second quarter Philippine gross domestic product (GDP) growth to 6.4 percent. In other stories, revenue from personal income tax and registration fees associated with real estate transactions in Ho Chi Minh City (HCM) has surged by 50 percent. Lastly, the proportion of second-hand home transfers in Greater Bangkok has risen for two consecutive quarters.

Q2 economic growth of the Philippines revised upward to 6.4 percent

The Philippine Statistics Authority (PSA) revised upward on 6th November the second quarter Philippine gross domestic product (GDP) growth to 6.4 percent from 6.3 percent.

In a statement, the PSA said major contributors to the upward revision were manufacturing, which grew by 3.9 percent, and accommodation and food service activities, which increased from 10.4 percent to 12.1 percent.

The PSA said real estate and dwelling ownership, which rose from 7.2 percent to 7.6 percent, also contributed to the upward revision.

PNA reports that upward revisions were also observed in the second quarter annual growth rates of the Gross National Income from 7.9 percent to 8.1 percent and the Net Primary Income from the Rest of the World from 24.7 percent to 25.7 percent.

HCM City real estate tax revenue jumps 50 percent

Revenue from personal income tax and registration fees associated with real estate transactions in Ho Chi Minh City (HCM) has surged by 50 percent to reach over VND6.54 trillion (USD257.6 million) in the first nine months, according to data from tax authorities.

As many as 75 percent of revenue collected was from personal income tax related to real estate transfers and the remaining 25 percent from real estate registration fees, according to the HCM City Tax Department.

Other land-related revenue, including land use fees and taxes, has risen by 58 percent to VND10.51 trillion in the period, according to the department.

The department has attributed the growth in revenue to the proactive involvement of residents in real estate transactions ahead of new legislation effective on 1st August, and a recent decision by HCM City authorities to raise land prices, VietnamPlus reports.

Thailand’s second-hand home transfers rise steadily

The proportion of second-hand home transfers in Greater Bangkok has risen for two consecutive quarters, driven by weakened purchasing power attributed to the economic slowdown, according to the Real Estate Information Center (REIC).

Siddhipen Siddharthapong, acting assistant director-general of the REIC, said many homebuyers, particularly in the lower-end segment, were unable to secure homes at the prices they sought and consequently shifted to more affordable options.

“Second-hand homes are generally priced lower than new ones of similar size and location,” she said in Bangkok Post. “Given high household debt and interest rates, many homebuyers are opting for more affordable second-hand properties.”

The Property Report editors wrote this article. For more information, email: [email protected].