The house price index increases by 1.9 pc in the first quarter of 2021
House prices rose 1.9% in the first quarter of 2021 compared to the previous year, according to statistics from the Central Bank of Brunei Darussalam (BDCB).
In the country’s residential property price index (RPPI) released by the central bank, it reported that the RPPI was 92.8%, showing a 1.9% year-on-year increase from the first quarter of 2020 and a 2.5- percent increase from the fourth quarter of 2020.
Based on mortgage data obtained from banks, there were 112 transactions for private residential properties in the first quarter of 2021, compared to 131 transactions in the fourth quarter of 2020.
The majority of these transactions involved single-family homes (60.7%); followed by semi-detached houses (20.6%); townhouses (eight percent); apartments (eight percent); and land (2.7 percent).
The median purchase price for all types of private residential properties was 247,000 BND in the first quarter of 2021, down 0.8% from the first quarter of 2020 and up 0.8% from the fourth quarter 2020.
Median purchase prices for specific types of properties were BND 283,000 for single-family homes; 185,000 BND for semi-detached houses; 215,000 BND for terraced houses; 220,000 BND for apartments; and 150,000 BND for land.
RPPI data comes from the country’s banks and is published with the cooperation of the Ministry of Development, in particular the Authority for the Control of Buildings and the Construction Industry (ABCi).
The BDCB said the published statistics and index should be treated as general information only and not be used just to draw conclusions about private residential property.