Sengkurong earned the top spot for most favoured location among a majority of private residential property buyers.
According to Brunei Darussalam’s Residential Property Price Index (RPPI) for the first quarter of 2023 (Q1 2023) published by Brunei Darussalam Central Bank (BDCB), 29 purchase transactions were made for properties in Sengkurong, followed by Kilanas and Liang (15), Mentiri (13) and Gadong (12).
In terms of districts, 93 purchase transactions were made for properties in Brunei-Muara, 18 in Belait and 11 in Tutong. No transactions were recorded in the Temburong District in the quarter.
The median purchase prices for specific types of properties were BND278,000 for detached houses; BND275,000 for semi-detached houses; BND213,000 for terrace houses; BND320,000 for apartments; and BND65,000 for land. 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.
Based on mortgage data obtained from banks, there were 122 transactions for private residential properties in Q1 2023, indicating a decrease of 9.63 per cent in the number of transactions compared to fourth quarter of 2022 (Q4 2022) and a decrease of 1.61 per cent compared to a year ago. For Q1 2023, the majority of these transactions were for detached houses (63.1 per cent); followed by terrace houses (21.3 per cent); semi-detached houses
(10.6 per cent); apartments (2.5 per cent); and land (2.5 per cent).
The index is compiled using data sourced from banks in Brunei Darussalam. It is published with 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.
In Q1 2023, the RPPI was at 96.5, showing an increase of 9.27 per cent year-on-year compared to Q1 2022, but a decrease of 1.83 per cent quarter-on-quarter compared to Q4 2022.
The overall median purchase price for all types of private residential properties was BND251,000 in Q1 2023, an increase of 1.8 per cent compared to Q1 2022 and a decrease by 3.5 per cent compared to Q4 2022.
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 RPPI stated.
For information on RPPI, the public may refer the updated statistics on the BDCB website at www.bdcb.gov.bn. Updates on the RPPI will also be available via BDCB’s Instagram account @centralbank.brunei.
