Housing price index goes up 1.9pc in Q1 2021

Housing prices went up by 1.9 per cent in the first quarter of 2021 compared to the year before, according to statistics from the Brunei Darussalam Central Bank (BDCB).

In the country’s Residential Property Price Index (RPPI) published by the central bank, it said the RPPI was at 92.8 per cent, showing an increase of 1.9 per cent year-on-year when compared to the first quarter of 2020 and a 2.5-per-cent increase when compared to the fourth quarter of 2020.

Based on the mortgage data obtained from the banks, there were 112 transactions for private residential properties in the first quarter of 2021, compared to 131 transactions in fourth quarter of 2020.

The majority of these transactions were for detached house (60.7 per cent); followed by semi-detached houses (20.6 per cent); terrace houses (eight per cent); apartments (eight per cent); and land (2.7 per cent).

The median purchase price for all types of private residential properties was BND247,000 in the first quarter of 2021, lower by 0.8 per cent compared to Q1 2020 and higher by 0.8 per centcompared to Q4 2020.

The median purchase prices for specific types of properties were BND283,000 for detached houses; BND185,000 for semi detached houses; BND215,000 for terrace houses; BND220,000 for apartments; and BND150,000 for land.

The RPPI data has been sourced from banks in the country and is published with cooperation from the Ministry of Development, in particular the Authority for Building Control and Construction Industry (ABCi).

The BDCB said that the published statistics and index should be treated as general information only and to not solely be used to draw conclusions on private residential property.