Brunei’s RPPI at 91.6 in Q1 2019

|     Danial Norjidi     |

BRUNEI Darussalam’s Residential Property Price Index (RPPI) was at 91.6 in Q1 2019, an increase of 4.9 per cent year-on-year compared to Q1 2018 and an increase of 5.6 per cent quarter-on-quarter compared to Q4 2018, an Autoriti Monetari Brunei Darussalam (AMBD) release stated yesterday.

The index is compiled using data sourced from banks in Brunei Darussalam and is published with cooperation from the Ministry of Development, in particular the Authority for Building Control and Construction Industry (ABCi).

The release stated that based on mortgage data obtained from the banks, there were 115 transactions for residential properties in Q1 2019.

The majority of these transactions were for detached houses (53.0 per cent), followed by terrace houses (21.8 per cent), semi-detached houses (20.0 per cent) and apartments (5.2 per cent). There were no purchases of land by bank mortgage during the quarter, the release added.

The median purchase price for all residential properties was BND245,000 in Q1 2019. The median purchase prices for specific types of properties were BND288,000 for detached houses, BND250,000 for semi-detached houses, BND160,000 for terrace houses and BND325,000 for apartments.

The overall median purchase price of residential properties in Q1 2019 decreased by 2.0 per cent year-on-year compared to Q1 2018 and 2.8 per cent quarter-on-quarter compared to Q4 2018.

The press release added 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 residential property as property values vary with location, land size, floor area and so on.

The RPPI for the first quarter of 2019 was published by AMBD yesterday.

For more information on RPPI, the public can refer to the technical notes on the methodology and statistics which can be obtained from the AMBD website at www.ambd.gov.bn and follow updates on RPPI through AMBD’s Instagram account @autoriti_monetari.