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Brunei: Property index shows y-o-y increase
The Brunei Darussalam Central Bank (BDCB) published Brunei Darussalam’s Residential Property Price Index (RPPI) for the fourth quarter of 2022 (Q4 2022) yesterday.
In Q4 2022, the RPPI was at 98.3, 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 compared to Q3 2022.
Based on the 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, the majority of the 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 BND260,000 in Q4 2022, reflecting a decrease of three per cent compared to Q4 2021 but an increase of two per cent compared to Q3 2022.
The median purchase prices for specific types of properties was BND289,000 for detached houses; BND280,000 for semi-detached houses; BND191,000 for terrace houses; BND230,000 for apartments; and BND470,000 for land. Median price is widely used compared to the average or mean price in RPPI compilation as it is less influenced by a small number of unusually-priced properties within the house price distribution.
The index is compiled using data sourced from the 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). RPPI measures the rate at which the prices of private residential properties purchased by households are changing over time.
Source: https://borneobulletin.com.bn/property-index-shows-y-o-y-increase/