BANDAR SERI BEGAWAN – Residential property prices fell 3.9 percent year-on-year in the third quarter of 2020 but increased 8.4 percent compared to Q2 when the COVID-19 outbreak hit Brunei.
Released by Autoriti Brunei Darussalam (AMBD) on Wednesday, the Residential Property Price Index (RPPI) showed that the median purchase price for all types of residential property was $240,000 in Q3, a 7.7 percent decline as opposed to the same period last year.
However, the Q3 median purchase price expanded 0.8 percent compared to the previous quarter.
Brunei reported its lowest residential real estate prices in Q2 2020 since records began in 2015.
The RPPI tracks the changes in average prices of residential homes and assesses the state of the real estate market, which may serve as a macroeconomic indicator of economic growth.
Based on Q3 mortgage data from banks, the median purchase prices were $266,500 for detached homes; $248,000 for semi-detached houses; $208,800 for terrace houses; $215,000 for apartments and $152,000 for land.
AMBD said more residential properties were sold in the third quarter, with 182 transactions compared to 115 in Q2.
The majority (53.9%) of purchases were for detached houses, followed by semi-detached houses (19.2%); terrace houses (17%) and apartments (6%).