Brunei’s Residential Property Price Index (RPPI) stood at 97.4 in the fourth quarter of 2021, showing an increase of 7.6 per cent year-on-year compared to Q4 2020, and an increase of 4.3 per cent quarter-on-quarter compared to Q3 2021.
This was shown in the latest RPPI that was released recently released by Brunei Darussalam Central Bank (BDCB).
The index is compiled using data sourced from banks in Brunei Darussalam and is published with close cooperation from the Ministry of Development, in particular the Authority for Building Control and Construction Industry (ABCi).
Based on mortgage data obtained from banks, there were 128 transactions for private residential properties in Q4 2021, compared to 130 transactions in Q4 2020.
Most of these transactions were for detached houses (62.5 per cent), followed by semi-detached houses (11.7 per cent), terrace houses (18.7 per cent), apartments (5.5 per cent) and land (1.6 per cent).
The median purchase price for all types of private residential properties was $264,000 in Q4 2021, an increase of 7.8 per cent compared to a year ago and higher by 5.6 per cent compared to the previous quarter.
The median purchase prices for specific types of properties for Q4 2021 were $295,400 for detached houses; $255,000 for semi-detached houses; $219,400 for terrace houses; $240,000 for apartments; and $187,500 for land.
In RPPI compilation, the media prices are used as opposed to the average price since the median price is not affected by unusual prices of the same property type and hence, provides a better price estimate of the typical property in the period.
The central bank in a statement said that the published statistics and index should be treated as general information only and one should not rely solely upon these data to draw specific conclusions on a particular private residential property as property values vary with location, land size and floor area, among others.
For more information on RPPI, members of the public may refer to the technical notes on the methodology and statistics which can be obtained from the BDCB website at www.bdcb.gov.bn and follow updates on RPPI through BDCB’s Instagram @centralbank.brunei – Analisa Amu
This article was first published on 09 April 2022 in our Weekly Epaper issue 188 | More stories here
THE BRUNEIAN | BANDAR SERI BEGAWAN