BANDAR SERI BEGAWAN, SEPT 25 – In the second quarter of 2024, the Residential Property Price Index (RPPI) has shown an increase of 2.7 percent year-on-year to 95.1 compared to Q2 2023 with an increase of 3 percent compared to the first quarter (Q1) of this year.
The index has been published by Brunei Darussalam Central Bank (BDCB) through data obtained from banks in Brunei Darussalam and published in collaboration with the Ministry of Development, especially the Building and Construction Industry Control Authority (ABCi).
According to the BDCB statement, the RPPI measures the rate of change in the price of private residential properties purchased by households over time.
Based on loan data obtained from banks, a total of 123 private residential property purchase transactions were recorded in Q2 2024.
This shows a decrease of 4.7 percent compared to one year ago and an increase of 51.9 percent compared to Q1 2024.
In Q2 2024, the majority of those transactions were for the purchase of separate or detached houses (60.2%), followed by terrace houses (21.1%) and semi-detached houses or semi-detached (18.7%).
No purchase of apartments and land through bank financing was recorded in Q2 2024.
The median (median) price for the purchase of all types of private residential properties in Q2 2024 was $250,000.
This represents a decrease of 0.8 percent compared to Q2 2023, and an increase of 1.2 percent compared to Q1 2024.
The median price by house type is $269,000 for a detached house, $285,000 for a semi-detached house and $212,000 for a terraced house.
The RPPI calculation uses the median price and not the average price because the median price is not easily affected by unusual property prices over a period of time.
In terms of location, most private property purchases in Q2 2024 are located in Brunei and Muara Districts (103 properties), followed by Belait District (10), Tutong District (9) and Temburong District (1).
In relation to this, the five sub-districts that recorded the highest number of transactions for Q2 2024 are Sengkurong Subdistrict, Mentiri Subdistrict, Kilanas Subdistrict, Gadong Subdistrict and Berakas Subdistrict B.
Published indices and statistics are for general information only. The public is advised not to rely solely on such indices and statistics to evaluate any property because private residential property prices vary depending on location, land size and floor area.
For more information, technical notes and the latest data can be found on the BDCB website www.bdcb.qov.bn.
The latest information on RPPI will also be released from time to time through BDCB’s lnstagram account @centralbank.brunei.
