The Autoriti Monetari Brunei Darussalam (AMBD) yesterday published the first Residential Property Price Index (RPPI) for Brunei Darussalam. The base year of the index is 2015 and the index will be published on a quarterly basis. The index is published by AMBD with close cooperation of the Ministry of Development, in particular the Authority for Building Control and Construction Industry (ABCi).
The index assesses real estate market conditions and tracks changes in the average price level of residential properties in all four districts. The index can play a role in the measurement of affordability of home-ownership. It may also serve as a macroeconomic indicator of economic growth and a financial stability or soundness indicator to measure risk exposure. In the first quarter of 2018, the RPPI was at 87 point 3, a decrease of 2 point 7 percent year-on-year compared to first quarter of 2017 and a decrease of 7 point 7 percent quarter-on-quarter compared to fourth quarter of 2017.
Based on mortgage data obtained from banks, there were 92 transactions for residential properties in first quarter of 2018. The majority of these transactions were for detached houses, 51 percent, followed by terrace houses, 22 percent, semi-detached houses, 16 percent, apartments, 7 percent and land 4 percent.
The median purchase price for all properties for a period of first quarter 2018 was 250,000 dollars. The median purchase prices for specific types of properties were 299,000 dollars for detached houses, 260,000 dollars for semi-detached houses, 185,000 dollars for terrace houses, 205,000 dollars for apartments, and 82,000 dollars for land purchases. The overall median purchase price of residential properties in the first quarter of 2018 decreased by 11 percent year-on-year compared to first quarter of 2017 and decreased by 6 percent quarter-on-quarter compared to fourth quarter of 2017.
For more information, visit AMBD's website at www.ambd.gov.bn.
Source: Radio Television Brunei