Residential property prices have dropped 4.4 per cent in the first quarter (Q1) of 2024 compared to the same period the year before, according to the Brunei Darussalam Residential Property Price Index (RPPI).
According to a statement from the Brunei Darussalam Central Bank (BDCB), the RPPI was at 92.3 in Q1 2024, a 4.4 per cent year-on-year decrease compared to Q1 2023. It also marked a 0.5 per cent increase when compared to Q4 2023.
Meanwhile, BDCB said based on mortgage data from the banks, there were 81 transactions for private residential properties in Q1 2024, a 33.6 per cent decreased compared to the previous year and a 40.9 per cent decreased compared to Q4 2023.
“The majority of these transactions were for detached houses (55.5 per cent); followed by terrace houses (24.7 per cent); semi-detached houses (17.3 per cent); and apartments (2.5 per cent). No financing for the purchase of land was reported in Q1 2024,” said the central bank.
The overall median purchase price for all types of private residential properties was BND247,000 in Q1 2024, a decrease of 1.6 per cent compared to Q1 2023 and a decrease of 4.3 per cent compared to Q4 2023. The median purchase prices for specific types of properties were BND278,000 for detached houses; BND246,000 for semi-detached houses; BND220,000 for terrace houses; and 235,000 for apartments.
The median price is widely used compared to the average or mean price in RPPI compilation as it is less influenced by a small number of unusually priced properties within the house price distribution.
In terms of location, most properties purchased in Q1 2024 were in the Brunei-Muara District (66 properties), followed by Tutong District (nine properties) and Belait District (six properties). In addition to this, the top five mukims which recorded the most purchases of private residential properties in Q1 2024 were Mukim Sengkurong, Mukim Kilanas, Mukim Gadong, Mukim Lumapas, and Mukim Mentiri.
The RPPI is compiled using data sourced from banks in the Sultanate, and is published with close cooperation from the Ministry of Development, in particular the Authority for Building Control and Construction Industry (ABCi). RPPI measures the rate at which the prices of private residential properties purchased by households are changing over time.
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 other factors.
