INAUGURAL RESIDENTIAL PROPERTY PRICE INDEX (RPPI)
FOR BRUNEI DARUSSALAM
1. Autoriti Monetari Brunei Darussalam (AMBD) today 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).
2. The index assesses real estate market conditions and tracks changes in the average price level of residential properties in all four districts of Brunei Darussalam. 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. 3. In Q1 2018, the RPPI was at 87.3, a decrease of 2.7% year-on-year compared to Q1 2017 and a decrease of 7.7% quarter-on-quarter compared to Q4 2017.
4. Based on mortgage data obtained from banks, there were 92 transactions for residential properties in Q1 2018. The majority of these transactions were for detached houses (51%), followed by terrace houses (22%), semi-detached houses (16%), apartments (7%), and land (4%).
5. The median purchase price for all properties was BND250,000. The median purchase prices for specific types of properties were BND299,000 for detached houses, BND260,000 for semi-detached houses, BND185,000 for terrace houses, BND205,000 for apartments, and BND82,000 for land purchases. The overall median purchase price of residential properties in Q1 2018 decreased by 11% year-on-year compared to Q1 2017 and decreased by 6% quarter-on-quarter compared to Q4 2017.6. The published statistics and index should be treated as general information only and should not relied on solely to draw specific conclusions on a particular property as property values vary with location, land size, floor area and so on.
7. For more information on RPPI, members of the public may view technical notes on the methodology and statistics on the AMBD website at www.ambd.gov.bn and follow updates on RPPI through AMBD's Instagram account @autoriti_monetari.
Autoriti Monetari Brunei Darussalam
Tarikh: 22 Syawal 1439H/ 6 Julai 2018M
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