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Property Prices In Brunei On The Rise
Real estate news By P Marilyn
Oct 4, 2007
Bandar Seri Begawan - Property prices in the Asia-Pacific have been booming for the second quarter of 2007, according to indices assembled by the Global Property Guide. In Brunei, house prices have increased slightly over the past year due to an increase in the cost of construction materials, said one of the real estate agents here. Valor Property, an established real estate agency in the Sultanate since 1989, told the Bulletin that prices of property overall have increased by an estimated five per cent, due to an upsurge worldwide in the cost of construction materials, such as bricks and steel.
Housing prices started to increase slightly in 2006, but escalated a little bit more this year. The real estate agency also said that prices of land in the country throughout the years have maintained their value, but location may further add to a piece of land's worth. The business areas of Gadong, Kiulap and Kiarong are being touted as the current hotspots in Brunei, and hence, are valued at a higher price. There is, however, a shortage of private land for sale in the nation, said the agency. Nevertheless, according to Global Property Guide, Singapore is leading the charge in Asia with an incredible house price growth of 21.05 per cent for the second quarter of (Q2) 2007, from 6.08 per cent to (Q2) 2006.
Global Property Guide said that this is due- to Singapore's booming economy, as its housing market has recovered from an eight-year price slump. In the Philippines, house prices rose by 14.29 per cent to (Q2) 2007 from 8.45 per cent in 2006, due to strong economic growth and the continued inflow of remittances from Overseas Filipino Workers fuelling the housing market in the Philippines. From its recent house price downturn, after a decline of 0.65 percent in 2006, Hong Kong is well on the way to recovery, where house prices are up by 8.78 per cent to the second quarter of 2007, despite relatively high interest rates (HK$ interest rates follow the US rates). The interest rate cut in the US is expected to boost Hong Kong's house and apartment prices further, said Global Property Guide.
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