Saturday, May 18, 2024
28 C
Brunei Town

Residential property price index increases 7.6pc in Q4 2021

Brunei Darussalam Central Bank (BDCB) yesterday published Brunei Darussalam’s residential property price index (RPPI) for the fourth quarter of 2021 (Q4 2021).

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

Based on the transactions in Q4 2021, the RPPI was at 97.4, showing a 7.6-per-cent increase year-on-year, and 4.3-per-cent increase quarter-on-quarter. This shows a continued increasing trend from the previous quarter.

A total of 128 private residential properties were purchased in Q4 2021 via bank financing, compared to 130 transactions in the previous quarter.

The majority of these transactions were for detached houses at 62.5 per cent; semi-detached houses at 11.7 per cent; terrace houses at 18.7 per cent; apartments at 5.5 per cent; and land at 1.6 per cent.

The overall median price for all types of private residential properties was BND264,000 in Q4 2021, an increase of 7.8 per cent compared to the previous year and an increase of 5.6 per cent compared to the previous quarter.

The median purchase prices for specific types of properties for Q4 2021 were BND295,400 for detached houses; BND255,000 for semi-detached houses; BND219,400 for terrace houses; BND240,000 for apartments; and BND187,500 for land. In RPPI compilation, the median price is used as opposed to average price since median price is not affected by unusual prices of the same property type and hence, provides a better price estimate of the ‘typical’ property in that period.

For more information on the RPPI, the public may refer to the technical notes on the methodology, and updated statistics from the BDCB website at www.bdcb.gov.bn.

spot_img

Latest

spot_img