Brunei’s Residential Property Price Index (RPPI) stood at 88.1 in the first quarter of 2022, showing a decrease of 5.1 per cent year-on-year compared to Q1 2021, 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 124 transactions for private residential properties in Q1 2022, indicating a decrease of 3.1 per cent compared to Q4 2021 and an increase of 10.7 per cent compared to a year ago.
For Q1 2022, most of these transactions were for detached houses (66.1 per cent), followed by terrace houses (17.7 per cent), semi-detached houses (13.0 per cent), apartments (3.2 per cent). No financing for land purchase was reported.
The median purchase price for all types of private residential properties was $246,500 in Q1 2022, a decrease of 0.2 per cent compared to a year ago and lower by 6.6 per cent compared to the previous quarter.
The median purchase prices for specific types of properties for Q4 2021 were $260,000 for detached houses; $260,000 for semi-detached houses; $203,000 for terrace houses and $216,500 for apartments.
In RPPI compilation, the median prices are used as opposed to the average price or mean price as it is less influenced by unusually priced properties within the house price distribution.
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 02 July 2022 in our Weekly Epaper issue 200 | More stories here
THE BRUNEIAN | BANDAR SERI BEGAWAN