Brunei Darussalam Central Bank (BDCB) yesterday published Brunei Darussalam’s Residential Property Price Index (RPPI) for the second quarter (Q2) of 2024. The index is compiled using data sourced from the banks in the Sultanate and 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 Q2 2024, the RPPI was at 95.1, showing an increase of 2.7 per cent year-on-year compared to Q2 2023, and an increase of three per cent quarter-on-quarter compared to first quarter (Q1) of 2024.
Based on mortgage data obtained from banks, there were 123 transactions for private residential properties in Q2 2024, indicating a decrease of 4.7 per cent compared to the previous year and an increase of 51.9 per cent in the number of transactions compared to Q1 2024. For Q2 2024, the majority of these transactions were for detached houses (60.2 per cent), followed by terrace houses (21.1 per cent) and semi-detached houses (18.7 per cent). No financing for the purchase of apartments and land was reported in Q2 2024.
The overall median purchase price for all types of private residential properties was BND250,000 in Q2 2024, a decrease of 0.8 per cent compared to Q2 2023 and an increase of 1.2 per cent compared to Q1 2024. The median purchase prices for specific types of properties were BND269,000 for detached houses, BND285,000 for semi-detached houses, and BND212,000 for terrace houses. 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, the majority of properties purchased in Q2 2024 were located in the Brunei-Muara District (103 properties), followed by Belait District (10 properties), Tutong District (nine properties) and Temburong District (one property). In addition to this, the top five mukims which recorded the most purchases of private residential properties in Q2 2024 were Mukim Sengkurong, Mukim Mentiri, Mukim Kilanas, Mukim Gadong and Mukim Berakas ‘B’.
For more information on RPPI, refer to BDCB website at www.bdcb.gov.bn.
