Residential Property Price Index sees 10pc y-o-y increase

Brunei Darussalam Central Bank (BDCB) yesterday published Brunei Darussalam’s Residential Property Price Index (RPPI) for the second quarter Q2 of 2021.

The index is compiled using data sourced from the 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).

In Q2 2021, the RPPI was 93.1, showing an increase of 10 per cent year-on-year compared to Q2 2020, and an increase of 0.3 per cent quarter-on-quarter compared to Q1 2021.

Based on the mortgage data obtained from the banks, there were 103 transactions for private residential properties in Q2 2021, compared to 112 transactions in Q1 2021.

The majority of these transactions were for detached house (66 per cent): followed by semi-detached houses (19.4 per cent): terrace houses (6.8 per cent); apartments (4.9 per cent): and land (2.9 per cent).

The median purchase price for all types of private residential properties was BND277,000 in Q2 2021, an increase of 16.4 per cent compared to Q2 2020 and higher by 12.1 per cent compared to Q1 2021.

The median purchase prices for specific types of properties were BND299,500 for detached houses, BND256,000 for semi-detached houses, BND210,000 for terrace houses, BND230,000 for apartments; and BND145,000 for land.

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

Updates on the RPPI will also be available via BDCB’s Instagram account @centralbank.brunei.