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A majority of properties bought within the third quarter (Q3) of 2023 had been situated within the Brunei-Muara District (75 properties), adopted by Tutong District (16 properties) and Belait District (9 properties).
The highest 5 mukims that recorded essentially the most purchases of personal residential properties within the third quarter of 2023 (Q3 2023) had been Sengkurong, Pekan Tutong, Mentiri, Gadong and Lumapas.
This was acknowledged by the Brunei Darussalam Central Financial institution (BDCB) within the Brunei Darussalam’s Residential Property Worth Index (RPPI) for Q3 2023 launched yesterday.
The index is compiled utilizing information sourced from banks in Brunei Darussalam and is printed with shut cooperation with the Ministry of Growth, particularly the Authority for Constructing Management and Building Trade (ABCi). RPPI measures the speed at which the costs of personal residential properties bought by households are altering over time.
In Q3 2023, the RPPI was at 97.8, exhibiting a rise of 6.7 per cent year-on-year in comparison with Q3 2022 and a rise of 5.6 per cent quarter-on-quarter in comparison with Q2 2023.
Based mostly on mortgage information obtained from banks, there have been 100 transactions for personal residential properties in Q3 2023, indicating a lower of twenty-two.5 per cent within the variety of transactions in comparison with Q2 2023 and a lower of 25.9 per cent in comparison with a yr in the past. For Q3 2023, the vast majority of these transactions had been for indifferent homes (59.0 per cent); adopted by semi-detached homes (20.0 per cent); terrace homes (18.0 per cent); and residences (3.0 per cent). No financing for the acquisition of land was reported in Q3 2023.
The general median buy value for all sorts of personal residential properties was BND260,000 in Q3 2023, a rise of two per cent in comparison with Q3 2022 and a rise of three.2 per cent in comparison with Q2 2023. The median buy costs for particular varieties of properties had been BND288,000 for indifferent homes; BND267,500 for semi-detached homes; BND213,000 for terrace homes; and BND215,000 for residences, stated the central financial institution.
The median value is broadly used in comparison with the common or imply value in RPPI compilation as it’s much less influenced by a small variety of unusually-priced properties inside the home value distribution, it added.
“The printed statistics and index needs to be handled as common data solely, and one mustn’t rely solely on these information to attract particular conclusions on a specific non-public residential property as property values fluctuate with location, land dimension, ground space and so forth.”
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