In the third quarter (Q3) of 2022, Brunei Darussalam’s Residential Property Price Index (RPPI) was at 91.6, a decrease of 1.63 per cent year-on-year compared to Q3 2021, and a decrease of 1.57 per cent quarter-on-quarter compared to Q2 2022.
This was revealed by Brunei Darussalam Central Bank’s (BDCB) RPPI report for Q3 2022. The index is compiled using data sourced from the banks in the Sultanate and is published with 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.
Based on the mortgage data obtained from banks, there were 135 transactions for private residential properties in Q3 2022, indicating an increase of 3.8 per cent in the number of transactions compared to the second quarter (Q2) of 2022 and an increase of 1.5 per cent compared to a year ago. For Q3 2022, the majority of these transactions were for detached houses (58.5 per cent); followed by terrace houses (23.0 per cent); semi-detached houses (17 per cent); and apartments (1.5 per cent). No financing for purchase of land was reported in Q3 2022.
The overall median purchase price for all types of private residential properties was BND255,000 in Q3 2022, an increase of two per cent compared to Q3 2021 and an increase by 2.2 per cent compared to Q2 2022. The median purchase prices for specific types of properties were BND278,000 for detached houses; BND197,000 for terrace houses; BND260,000 for semi-detached houses; and BND316,000 for apartments. 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 published statistics and index should be treated as general information only and one should not rely solely on these data to draw specific conclusions on a particular private residential property as property values vary with location, land size, floor area and so on.
For information, visit BDCB website at www.bdcb.gov.bn.