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More transactions, lower prices year-on-year in RPPI for Q1 2022

In the first quarter of 2022, Brunei Darussalam’s Residential Property Price Index (RPPI) was at 88.1, a decrease of 5.1 per cent year-on-year compared to Q1 2021, and a decrease of 9.5 per cent quarter-on-quarter compared to Q4 2021.

RPPI measures the rate at which the prices of private residential properties purchased by households are changing over time.

This was revealed in the RPPI for Q1 2022 published by the Brunei Darussalam Central Bank (BDCB) yesterday.

Based on mortgage data obtained from banks, there were 124 transactions for private residential properties in Q1 2022, indicating a decrease of 3.1 per cent in the number of transactions compared to Q4 2021, and an increase of 10.7 per cent compared to a year ago.

For Q1 2022, the majority of these transactions were for detached houses (66.1 per cent); followed by terrace houses (17.7 per cent); semi-detached houses (13.0 per cent); and apartments (3.2 per cent). No financing for purchase of land was reported in Q1 2022.

The overall median purchase price for all types of private residential properties was BND246,500 in Q1 2022, a decrease of 0.2 per cent compared to Q1 2021 and lower by 6.6 per cent compared to Q4 2021.

The median purchase prices for specific types of properties were BND260,000 for detached houses; BND260,000 for semi-detached houses; BND203,000 for terrace houses; and BND216,500 for apartments.

Median price is widely used in RPPI compilation compared to the average or mean price as it is less influenced by unusually-priced properties within the house price distribution.

The 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.

The index is compiled using data sourced from the 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).