Some properties seen under construction. Image: Ridhwan Kamarulzaman

Brunei’s Residential Property Price Index (RPPI) stood at 95.3 in the fourth quarter of 2019, which is an increase of 9.8 per cent year-on-year compared to Q4 in 2018 and a decrease of 0.2 per cent quarter-on-quarter in Q3 2019.

This was shown in the latest RPPI that was released by the Autoriti Monetari Brunei Darussalam (AMBD).

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

Source: AMBD

Based on mortgage data obtained from banks, there were 111 transactions for residential properties in Q4 2019.

The majority of these transactions were for detached houses (45.05 per cent), followed by semi-detached houses (24.32 per cent), terrace houses (18.92 per cent) and apartments (11.71 per cent). No transactions were made for land in Q4 2019.

The median purchase price for all residential properties was $258,000 in Q4 2019. The median purchase prices for specific types of properties were $285,000 for detached houses, $271,000 for semi-detached houses, $225,000 for terrace houses and $223,000 for apartments.

Source: AMBD

The overall median purchase price of residential properties in Q4 2019 was higher by 2.4 per cent compared to Q4 2018 and slightly lower by 0.8 per cent compared to Q3 2019.

The central bank in a statement said that the published statistics and index should be treated as general information only and one should not rely solely upon these data to draw specific conclusions on a particular residential property as property values vary with location, land size and floor area, among others.

For more information on RPPI, members of the public may refer to the technical notes on the methodology and statistics which can be obtained from the AMBD website at www.ambd.gov.bn and follow updates on RPPI through AMBD’s Instagram @autoriti_monetari. – Analisa Amu

The Bruneian | BANDAR SERI BEGAWAN

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