Brunei’s Residential Property Price Index (RPPI) stood at 98.3 in the fourth quarter (Q4) of 2022, showing an increase of 0.69 per cent year-on-year (y-o-y) compared to Q4 2021, and an increase of 7.31 per cent quarter-on-quarter (q-o-q) compared to Q3 2022.
This was shown in the latest RPPI that was released recently released by Brunei Darussalam Central Bank (BDCB). RPPI measures the rate at which the prices of private residential properties purchased by households are changing over time.
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 135 transactions for private residential properties in Q4 2022. There was no change in the number of transactions compared to Q3 2022, but this represented a 4.7 per cent increase compared to a year ago.
For Q4 2022, most of these transactions were for detached houses (63.7 per cent), followed by terrace houses (17.8 per cent), semi-detached houses (12.6 per cent), apartments (5.2 per cent) and land (0.7 per cent).
The overall median purchase price for all types of private residential properties was $260,000 in Q4 2022, a decrease of 3 per cent change y-o-y compared to Q4 2021 but an increase of 2 per cent compared to Q3 2022.
The median purchase prices for specific types of properties were $289,000 for detached houses; $280,000 for semi-detached houses; $191,000 for terrace houses; $230,000 for apartments and $470,000 for land.
Median price is widely used compared to the average or mean price in RPPI compilation 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 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
THE BRUNEIAN | BANDAR SERI BEGAWAN