Brunei's Property Market Changes

This assignment requires an analysis of the impact of recent changes in Brunei's property market policies. It asks students to explore current market trends, assess the potential economic consequences of these changes, and examine public perceptions through a questionnaire survey.

IMPACT ON THE
PROPERTY MARKET
DUE TO THE RECENT
CHANGE OF
GOVERNMENT
POLICY IN BRUNEI

Table of Contents
CHAPTER 1: INTRODUCTION....................................................................4
1.1 Overview...............................................................................................................................4
1.2 Research Aim and Objectives...............................................................................................5
1.3 Research questions................................................................................................................5
1.4 Focus and purpose:................................................................................................................6
1.5 Potential significance............................................................................................................6
1.6 Frame work analysis............................................................................................................7
1.7 Structure................................................................................................................................8
CHAPTER – 2: LITERATURE REVIEW.........................................................9
2.1 Introduction...........................................................................................................................9
2.2 Situation of property market in Brunei.................................................................................9
2.3 Current market trends in property market in Brunei...........................................................10
2.4 Effect of legislations on the property market in Brunei......................................................13
2.5 Effect of government changes in policies and procedures in property market of Brunei...14
CHAPTER- 3: RESEARCH METHODOLOGY ..........................................16
3.1 Introduction.........................................................................................................................16
3.2 Research Philosophy and Approach....................................................................................17
3.3 Research Design..................................................................................................................18
3.4 Research Approach.............................................................................................................18
3.5 Research type......................................................................................................................19
3.6 Data collection....................................................................................................................19
3.8 Data analysis.......................................................................................................................21
3.9 Validity and Reliability.......................................................................................................21
3.10 Research limitations..........................................................................................................22
3.11 Ethical considerations.......................................................................................................22
..................................................................................................................................23
CHAPTER- 4: DATA ANALYSIS................................................................23
4.1 Introduction.........................................................................................................................23
4.2 Analysis...............................................................................................................................23

CHAPTER :5 CONCLUSION AND RECOMMENDATIONS...................................................36
Conclusion.................................................................................................................................36
Recommendations.....................................................................................................................36
REFERENCES..............................................................................................................................37
APPENDIX....................................................................................................................................40

CHAPTER 1: INTRODUCTION
“Real estate is a concept which involves a property that consist of building and land on
it. In addition to this, it also consist of natural resources such as crops , minerals, and water etc.
The business of real estate means getting involved in the buying and selling of property.”
1.1 Overview
In this era of modern world, the business of real estate is on the hike. Property market
comprises of the field of real estate and its related aspects(Aggarwal and Urata., 2016). It can
be said that the real estate is the property which is consist of land and other buildings build on it.
Also, it involves the natural resources like minerals or water, crops etc (Brunei money flying to
overseas realty market, 2017). property market is considered as the legal term which is used in
the judicial system of a particular country(Basri 2016). It can be further stated that it is one of the
business which increases the economy of a country across the world. Property market is a
concept, which involves the buying , selling and renting of holding or a land and buildings by a
person(Benvenisti, 2015). In this concept it can also include that property market consist of
various brokers which are involved in this business to make it more effective(Corben, 2015). It
can be further noted that the effective market research can be considered as a crucial part as it is
a obligation for the successful and profit making development and disposal of property(Dillon,
2013). A proper understanding of the area of the property market will enable an individual to
ensure regarding the new schemes and strategies and other related policies which will enable an
effective development. Personal property market is also one of the type of property
market(Elliott and et. al., 2016). It can be noted that the property industry is heavily regulated in
the country(Elms and Lim., 2012). It consist of different brokers , real estate agents which are

entitled to earn a commission from the proprietor of the real material possession(Elms and Lim.,
2012).
One notable fact is that the real estate business involves two types which can be
characterised as commercial and residential real estate. Also, there are various laws and
legislations framed with respect to the effective and legal regulation of the property
market(Forrest, Koh and Wissink., 2017). It can be seen that there are several aspects that are
related to property rights conferred which can be referred like Rights are separable and
integrated with the mechanism of market and rights can be changed according to
preferences(Haila., 2015).
This present report focus on the main issue of the impact of change in government policy
on the property market in Brunei. Brunei is an Asian country which is situated near by
Malaysia(Harbour and et. al., 2012).
It is the country which is placed on the north coast of an island in South east Asia. It is a
sovereign state(Hudson., 2012). In the said country which is ranked fifth across the world in
terms of GDP per capita at purchasing power parity. In the recent years it has been said that
foreigners found their interest to invest in the property market of Brunei. Buyers of land can only
lease the land by taking prior approval of Head of state(Hughes and Lucas., 2016). Although, the
government of Brunei has evolved various strategies that will enhance the investment in the
property market in respective country (Changes in property ownership laws affect real estate
market in Brunei , 2017). The government is trying to stimulate the economy so that many
options can be available to its investors.
1.2 Research Aim and Objectives
Aim: To identify the impact of changes in government policies and strategies in the
stream of property market.
Objectives: The main objectives of conducting this approach can be comprehended as:
 To evaluate the changes that are introduced by alteration of strategies of government so
as to enhance the property market area in Brunei.
 To analyse the effectiveness of change in Property market in Brunei.
 To have a close scrutiny of the impact of new legislations and laws framed by
government of Brunei in order to increase the efficiency of property market in said
country.

 To assess the nature of purchasers of property market after changes in the rules and
regulations by Government of Brunei, in order to improvise the quality and market area
in which real estate operates.
1.3 Research questions
There can be several questions that can be framed in respect of this research project.
These can be summarised as :
Question:1-- What changes did the government of Brunei made in policies and
strategies in respect of property sector ?
Question:2-- Did laws and legislations are effective in regulation of property market?
Question:3-- How does it impact on the behaviour of purchaser after modifications in
property market?
1.4 Focus and purpose:
Focus:
The main focus of the stream of research is to identify and evaluate the changes which
has been brought by the government of Brunei in its property sector, by changing related
policies and procedures. Property area of Brunei is considered as one of the highest source of
earning revenues in the view point of government. Research in Property market of the said
company is very wide research area, which requires varied range of methods and techniques. So,
to make the research report about specific, the consequence of alterations in the governmental
policies in respect of property market has been highlighted. Also, with reference of this, effect
of legislations framed in respect of trenchant policies of house market or real estate in the
country of Brunei has been discussed.
Purpose:
It is the concept which involves the main reason of conducting this research. It can be
noted that the if there will be effective implementation of the governmental policies and
procedures in property market, it will develop the market opportunities for n number of buyers
and sellers . It will also enable the government to evaluate the future potential growth inn the
economy of Brunei.

1.5 Potential significance
The current research has been conducted with a perspective to evaluate the effect that has
been brought in the line of reasoning in light of property market area. It can be signified that it
can be effective in regard to enhance the property market in Brunei. Also, it can enable the
purchasers of the land to lease the land with out the permission of Head of state. Further more,
the ways in which the government of Brunei can strengthen their finance in order to make their
property market more strong has also been discussed. It can also be stated about methods in
which the government of Brunei can solve their issues related to social and political issue. In
addition to this, the their effective plan has been framed in respect of driving economic and
social growth of country. Investment in the real estate property can lead to over all development
of the country. It can be significant in various terms and line of focus. It can be summarised as
by the changes in the policies and procedures, it would be easier for people to invest in real
estate business. Further more, this research will also enable the potential development of the
property sector of the respective said country. It can be further noted that the business
organizations can also work for the betterment of the society. It can be summarised as the
changes in the policies will effect the potential buyers and sellers who wishes to invest in the real
property of the said country. Also the significance can be judged in the terms of positive impact
on purchasers , manufacturing industry , sellers and other financial institution in Brunei.
It can be further noted that the changes in the policies and strategies in the context of
property market Brunei, it can be beneficial for the purpose of loan application from banks and
other financial institution.
1.6 Frame work analysis
This section of the report is consist of the factors which are related to the steps
comprising of steps and process in which the research will be conducted. Following techniques
and methods are applied while disposing the current research:
1. Research design: It is the concept in which the process and steps applicable for the a
research has been applied. In this present research report, descriptive form, of theory has
been adopted. It will be useful in determining the effect of changes in property market
rules and regulations.

2. Research Philosophy: It is the concept which enable and help the person who is
conduction the research, by acknowledgement of a particular pattern of enquiry. In this
concept, theory of Interpretivism has been adopted.
3. Research approach: It is a term in which it has been inserted in the report so as to adopt
a particular set of theory to research a particular thing. It can be further noted that in this
report, inductivism approach has been evolved.
4. Data collection method: During the research process, data from primary sources has
been collected and applied in appropriate places. A questionnaire has been prepared in
respect of the identification of effect, with the open and close ended questions.
5. Sampling techniques: Selection of techniques which are simple and random in nature
has been attained. It is useful as to attain effective knowledge by picking up a segment of
random group of people.
6. Data analysis technique: To conduct this research, qualitative technique of data
analysis has been used in this report. It can be further noted that there are various
techniques which are formed in respect of the data analysis.
1.7 Structure
This section consist of the proper sequence which involves the proper structure in the
report which can be explained as :
Chapter 1: Introduction-- this section covers the overview of the topic and the concerned
related other methods.
Chapter 2: Literature review-- In this section subject matter of related authors has been
discussed. It will explain regarding the changes in policies and their effect in the currency
market.
Chapter 3: Research methodology: In this section of the present report, it explicates
about different and varied methodologies that are used while research. Also, it highlights
objectives and aim of research with data collection techniques etc.
Chapter 4: Data Analysis and Findings: This section of report signifies the data and
other aspects for the intent of primary research.
Chapter 5: Conclusions and recommendations: It is the last section of the report.
Various conclusions and recommendations which are required in the end of the project. It can be
arise due to appropriate aggregation and accumulation of the facts and concepts.

CHAPTER – 2: LITERATURE REVIEW
2.1 Introduction
In this modern era, it has been evaluated that the property market is considered as the
most important source which is highlighted as it is one of the factor which is responsible for
increasing and developing an economy(BHATT and et. al., 2015). In the context of Brunei, it has
been evaluated that property market had several flaws and other negative points. Investors did
not want to invest in the real estate properties(Brown., 2013) . With the change and
modifications in several policies and procedures, it can be concluded that it brought a positive
change in the economy of country(Cheung., 2016). In this report it has been analysed that it can
be considered as developing factor in the terms of changing nature of buyers and sellers etc.
Also, it can be held in this present report that increasing interest in the property sector leads to
the over all development of the country(Cleary and Wong., 2016).
2.2 Situation of property market in Brunei
As, it can be seen with a view of Connolly and Bell., (2010) that property market is seen
as one of the source which can be seen as the hiking factor of the company. It can be seen real
property is the property which can be seen as a concept of buying and selling of land and
buildings by the seller to willing buyer. Also, with the changes in the property market in the said
country, it can be concluded that it will effect the company in a positive manner. In addition to
this, in Brunei, there is an effective allocation of the existing existent belongings and its
resources and other interests. It is so because the resources are limited and these are required to
be distributed among various uses and people who are desirous of claiming it. In accordance with
the opinion of Karaganis., (2011) There are many characteristics of real property that can be

classified as technical characteristics, economical features and other financial characteristics. In
accordance with the rules and regulations formed in the aspect of Property market in Brunei, it
can be seen that mortgages are treated and implemented in Brunei. This means that only the
citizens of Brunei can own a property in their country. In addition to this, the foreigners and
other persons can only liable to hold the properties under the long term time duration. In
accordance with a view point of Lawrey and Pillarisetti., (2011). It can be seen that the banking
institutions in Brunei refuse to provide the loan and other long term lease to non citizens of
Brunei. In accordance with the amendments and alterations in the land code , it has been banned
in practice. Also, it can be seen that the power of attorney and trust deeds are not considered as a
medium to effect the transaction related to land and property. Also, it can be noted that the
property market in Brunei has seen recent developments as demand for real estate property has
seen developments in their stream. In the view point of Marron and et. al., (2010) the prices of
real estate property has also seen major developments in the prices of real property so that they
can make their property business more effective.
The property market in Brunei has seen as the a development since recent decades. It is
due to the reason that the demand for the property market in the city of Brunei which lead to the
development and growth of the business organizations which lead to the over all success and
enhancement of the economy of Brunei (Property Prices in Brunei, 2017). In accordance with the
viewpoint of McEwin., (2011) it can be said that there are various investments which would have
been seen as effective but now these are considered as the highly demanded investment.
Also,since last three years there has been a noticeable increase in the prices of the real estate
property of Brunei. Moreover Monkkonen., (2016) says that Government also play an important
role in conducting the real property market in an efficient manner.

2.3 Current market trends in property market in Brunei
It can be evaluated that there are many changes in the current trends in the property
market in Brunei. In accordance with the Palit., (2013) it can be evaluated that in the year of
2015, growth and expansion in the real market sector in Brunei has been increased. But now in

the year of 2016, the property market in Brunei has experienced a major fall in their operations.
It can also be stated that forecast in respect of the Economic aspect, there is a hike in the real
estate market by 2%.
Also, it has been said that there are various aspects which affect the proper market in
Brunei. The property market in the cited country is all set to be impacted by the lower energy
prices of the economy and also the budget is also expected to be get impacted by the state and
related enterprises which can be estimated as around 70% to 80%.
Moreover, according to the surveys, it can be evaluated that credit has also been given to
the real estate market in 2016 which keep on arising at the rate of 3.6% year on year, with
finance increased from BN dollar 1.38bn . Also, underestimating the importance of the property
market , residential loaning accounted for 23.4% in last year of the debt of household. In
accordance to the survey it can be evaluated this particular category is considered as the second
highest category after personal financing.
Further more, in accordance with the viewpoint of Port., (2013) after settlement of
economy in the context of the real state , it has different key sector which can impact the
potential growth. It can also be stated that the financing in the sector of over all growth it can be
said that there are various aspects of the property market that leads to the development in the
country. Also, Brunei has also experienced a rapid change and growth in the perspective of the
real estate property market, particularly in the stream of sole purpose improvement. Various
property developers from Singapore, Malaysia, Australia and UK as well are now interested in
the property market of Brunei fro making a tie up with the local market developers, so that they
can develop market in the context of international market.
Also, in the opinion of Pow., (2017) it can be said that there are various changes in the
property market since long time. The people residing over there are of opinion that investing in
the property market is not significant as the prices never rise of property there in. On the
contrary to this, like a second side of a coin, it can also be evaluated that there are a lot of
potential and willing investors who wishes to invest in the property of Brunei. The main aim of
the real property management system of country is to make and motivate people to invest more
in the property market of their country. Along with this, they have set the target to raise the
percentage of 6-8 % per annum for the property especially the residential property. In the case of
not getting enough return then, it is required to accomplish the effective management system.

Also, a typical real estate property in Brunei, is considered as the around 75%-85%. building
value and also the 20-25% land value. Land value in Brunei is about 50-60% of the property
costs in many cities like Auckland, Melbourne etc. while in the cities like Singapore, Hong Kong
, it can be evaluated that the prices are considered as the 85% or more. So it can be clear from
these prices it can be truly said that there has not been provided a scope which can let the prices
of the property to be fall. It is so because of the reason that no person will get interested in
building a house at dollar 200 thousand and sell at the same prices. It can occur only in the
situation when the value of land is 0%.
So, In the view point of Razali and et. al., (2017) it can be said that investment in the
country namely Brunei, is simple and not complex. It is considered as the excellent for an intent
of those investors who are conservative and risk taking and also prefer bonds . As, Bonds have
the reasonable rate of interest per annum, then it will not have a loss in terms of capital in the
place of stocks which is consist of high risk and high return as well. It can be seen that the
effective operation of the property market in the city of Brunei is declining as the performance of
the market of real property in the said country has been affected by economic turbulence. Also,
the effect of Asian crisis along with the economic down turn in the country of Brunei has
effected the market of real estate. It can also been evaluated that the property market in the
country has also been affected by diminution in the concept of rental and selling prices.
2.4 Effect of legislations on the property market in Brunei
Various legislations and laws are framed in respect of giving an effective features of
effective property market area in Brunei. Laws and legislations enable a particular state or
country to conduct its operations smoothly and effectively and legal in the eyes of law. Laws and
regulations are established by government in the case of property market in Brunei.
There is a law framed and effected in Brunei which conveys that property ownership to
the city has been effected. The premises of the cited organization restricts the property ownership
has been done. It leads to the profitable market area in terms of property market (Changes in
Property Ownership Laws Affect the Real Estate Market, 2017).
Various legislations have been framed in the respect of the effective regulations of the
property market in the Brunei. It can also be stated that modifications in the land code has also
been effected, so as it can restrict and ban the existing practices of property market in the
country, in respect of proxy sale and buying of land to foreigners and to local and permanent

residents with the usage of an instruments like power of attorney and trust deeds. In the council
meeting of the Brunei country has took an initiative which highlights the ban of trust deeds and
power of attorney. It can also be said that there are various effects which can be effectively
implied by the legislations made by the government in respect of government.
Also, in light of the restriction or ban on the trust deed and power of attorney, it can be
concluded that this said ban can be in the retrospective effect. Furthermore, this prohibition has
been done in the respect to make sure the effective and sufficient ownership of land with each
and every citizen of Brunei. Also, power of attorney allows the ownership of land in the time
period of 5 years of ownership for land developers. It can also be said that there are some
situations in which he use of Power of attorney and trust deeds are not allowed. These are also
allowed to be get used as collateral.
Also, there is a markable effect in the Real Estate property market in Brunei by the
changes in the Property ownership laws. In the Year, 2012, restriction on the property market
law has been enforced in the in the country namely Brunei, which has lead the cited country to
be a market full of profits which enables an effective selling of overseas property. Also,
investment opportunities in the context of the Brunei are also evidenced to be uninviting for the
residents who are permanent and also for the foreigners who are living in the Sultanate from the
year 2012.
Also, the Eighth Legislative council has laid down a legislation which has considerably
banned all transactions related to the purchase of property with the help of Power of Attorney or
a trust deed. It can be treated as the system and procedure through which permanent residents
and foreigners were able to buy the real property in Brunei. Also, it can be said that there are
various deeds which are more than 47000 which are issued prior through the medium of power
of attorney will be converted into 60 year leases. The main motive to enable and effective this
change and amendment so that interests of Bruneians can be protected and safeguarded in the
light of allotting the land to those persons who have a right to own it. Also, in accordance in the
view point of the minister of Brunei, it can be exclaimed by him that it has not been done in the
respect of the discouragement of investment and to restrict the non citizens of Brunei to be in
their country or engage in the economic activities(Thambipillai., 2010).
In accordance to give effect the buying and selling of the land and real estate property , it
can be noted that there are various acts and legislations has been prepared. In this light, Land

Strata Act has been formed. This act is consist of the provisions in respect of allowing the
property owners to buy and enhance the land with out any restrictions and constraints. It also
offers various instruments which can play an important role in encouraging the continued
investment in the property market of Brunei.
Also, Land acquisition act has also been formed in respect of provisions related to the
acquiring a land in Brunei. In accordance with the provisions of this act, land can be owned in
respect of public purpose, a residential site or for the purpose of factory.
2.5 Effect of government changes in policies and procedures in property market of Brunei
There is a great significance in the change in the strategies related to real estate market in
the cited country. In recent years, point of view of buyers and sellers has been changed. It can
also seen as the government of the cited country act as the major transformational factor in the
country. It regulates almost all the particulars of real estate property. Government of Brunei is of
opinion that there should be various changes in the policies that will foster the performance of
the property market in the company. It can be said that there are many changes that will be the
effect of changes in the strategies and policies of government.
In accordance with the viewpoint of Siregar., (2011) it has been evaluated that there are
various changes which are required to be considered in the perspective of impact of
governmental changes in the stream of property market. By effective changes in the policies and
procedures it can be seen that now onwards, there are various requirements in regard to
establishment and operation of insurance and reinsurance institutions and related intermediaries.
Also, it creates some amendments regarding the information relating to the information in
respect of existing insurance rules and regulations. Also, various changes and amendments has
also been done in respect of taxation and legal system of Brunei. It can also be said that through
the changes in the policies and strategies of government, it can be seen that government has also
offered affordable and reasonable housing in the Brunei's subject. After changes in the
legislation law relating to the property market it can be noted that Money related to the property
market has been gone oversees. It is the result of the aspect in which the many property
developers in international market are now interested to engage with the real estate market
developers of Brunei(Tabrani, Lawrey and Pillarisetti., 2012). It is done in the light of
developing the real estate property sector of Brunei globally especially in the country namely

Malaysia and Singapore and also in Australia and UK. Furthermore, it has been seen a
commendable change and hike in the number of oversees property buying which has been made
from Brunei which has been made for the purpose of investment. Also, it is also a noticeable
fact that the conversion of 60 years land has no value in today's date due to the reason of short
lease tenure. After the completion of the period of 10 years the value and price of land will be
dropped out importantly.
However the clarification in respect of the this law has been marked as it had created a
confusion for permanent residents and foreigners. It is happening due to the reason of formation
of rules in the year of 2016 which conveys that PR were allowed to purchase any land houses or
any other commercial shops but not the freehold holding. On the other hand, the lease in relation
to these aforesaid property will be of 60 years only. Even though, Permanent residents are
permitted to buy apartments for which the ownership will remained in the continuation of 99
years.
Also, there are some effects which are not positive in nature. It can be seen in the way
that the residents who are permanent citizens of Brunei have no idea about whether they will be
competent to hold their property or land for the utility in future even after the completion of 60
years. Also, new confusions are also pooped out in their mind regarding the rules and laws .
They are confused and think whether the new rule regarding 60 year lease will come into
effect in year 2012 or at the time of buying the property. It had created the difficulties and
hardships for the non citizens of Brunei who are living in the said country since long years ago.
After 2015 some clarifications in respect of these rules has been provided in the way that
foreigners were made permitted to own and buy the real property in Brunei.
Also, in the view point of Siregar., (2013) it can be said that changes in the policies to
highlight the property market in Brunei are done in the form of community feedbacks in regard
to visioning workshops and from public also. Also, policies laid down that there should be
redevelopment of the government owned buildings and relocated appropriately so that overall
development of the property market in the country can be affected.

CHAPTER- 3: RESEARCH METHODOLOGY
3.1 Introduction
Research is a concept or procedure in which the information is being gathered and
evaluated so that main topic can be understood(Ting., 2012). This chapter of dissertation aim to
render the research methods and approaches that has been in the respective research. Also, it
provides appropriate reasons and justifications for the motive of methods being used in the
research(Venardos., 2010). In this case it has also been assured that the research done should be
of appropriate and best quality so that it can render for the best for researcher. The main focus of
the research methodology section of the said dissertation is to satisfy the research questions in a
scientific and theoretical manner. In this, section of the dissertation , it can be evaluated that
there are number of steps and procedures which are required to be followed by researcher for
attainment of objectives and aim for which the research has been conducted.
In this present report , section namely research methodology has been inserted for
providing a across-the-board abstract of different methodologies and techniques used in this
research report(Wilson ., 2013). In this report research has been done for evaluating the impact
of changes in government policies on the property market in Brunei. Various tools and
approaches that has been used in the respect of this research are effective in nature. The main
focus is on the examining the impact of changes in the property market due to changes in the
governmental changes in the policies, laws and legislations.
It has been analysed that the property market in Brunei has considerably on hike by
moving interests of people in the real estate market(Yew and et. al., 2011). Furthermore, it can
also be evaluated that the banking companies are required to finance more in the sector of
property market. Also, an appropriate assessment of the property market in Brunei has been
considered as important as it will increase the economic development of the said country. It can
also be said that alterations in the policies and strategies in the sector of property market impact
the economy of the respective country. Although there are some negative impacts which
occurred due to the changes in the procedures of the property market but overall, it impacts the
property market of the Brunei in positive sense.

3.2 Research Philosophy and Approach
Research philosophy is a concept in which is inserted in the respective dissertation so that
it can provide a clear framework and idea or ways in accordance to which appropriate data
should be collected. In this sense, it can be further evaluated that it is important and crucial to
include an effective pattern of the research so that research can be held in a proper and effective
manner. The term Research Philosophy has two types which can be characterised as: Positivism
and Interpretivism.
Interpretivism is a concept which provides researcher an information that complete
knowledge and research can not be achieved only on the basis of research techniques and
methods or general theories. It is a idea which illustrates that people in the world make theory
own independent decisions which does not rely on any kind of laws and regulations of science
and nature. It opposes the concept of positivism. Also, this theory determines various reasons
and causes behind the behaviour and actions of another people. It truly depends and re;y on the
data which is qualitative in nature .On the other hand, there is another concept namely Positivism
which conveys that there is an evidence behind everything. In this research interpritivism
approach has been adopted with the use of a questionnaire which consist of close and open ended
questions.
3.3 Research Design
The research design states with systematic examination, the main purpose is avoid the
wrong interpretation of data through which researcher can conduct research in a effective way.
This approach of research needs logical understanding. Research design is help investigator to
get bets answer of research question. This factor is involve research methodology such as data
collection, analysis method, sampling and much more. A investigator is able to opted various
types of design such as casual research design, experimental etc. It is the effective tool which is
mostly used more making their research design more effective.
The present case is opted effective research design in order to get proper information
about impact of government policy on the real estate sector in Brunei. After getting the
information it has been realised that descriptive research design is relevant with the study. This
research design is help researchers to get information about the demand of their targeted
customers. The policies which are framed by the government have impact on the person who are

engaged in the real estate business. Further, this the effective tool which help them to take
important information from current market research.
3.4 Research Approach.
Research process which is conducted by the researchers is based on two types of
approaches such as inductive and deductive. Inductive approach stated with investigator
collecting data or information which are related with the topic under consideration. Further, it is
the important approach which is mostly used in order top gather data which are related the date.
Inductive approach of research is shifted from specific perspective to related general study of
perspective. This concept is depends on the qualitative approach which are mostly used.
On the other side, deductive approach is comparatively different from above mentioned
inductive approach. This is more specific in nature. This concept is moved from top to down that
is moved from general theory to specific theory. This concept is based on quantitative approach
which is effectively used by most of the researchers.
The present research report is based on the inductive approach in which no hypothesis is
formed. Also this will help in data collecting process. Through this they are able to collect data
which are related to the government policy which having impact on the real estate business.
3.5 Research type.
The types of research are stated with such as qualitative and quantitative. Further,
qualitative research is mostly used by investigator in order to collect information and try to avoid
activities which are able to reduce their performance. This can be used where theories is
developed of the assessment of collected data. The research is known as qualitative when the
main aim is identifying the particular activities, functions and conflicts. This type of approach is
unstructured approach which is related with the all other components of the investigation. This
type method is forms contrast among theories which have been used and theories which are
required to be tested. On the other hand, quantitative research approach is mainly used in
hypothesis testing as well as conceptions. But this type of technique is depends on the values as
well as data. Under this type of technique, the data or information collecting and examination are
different. Through this method researchers can able to get relevant information which want to get
from current market. They can gather information which are relevant with their topic.

In the present study is used qualitative approach in order to gather information and data
through preparation of questionnaire. Information can be collected, which are related the
government policies which having impact on the real estate business.
3.6 Data collection.
In the present report data has been collected from two types of data gathering information
which are known as primary and secondary sources. These types of data or information gathering
techniques has been used in order to attain goals and objectives of research. Most of the times,.
Required data or information is easily available which are able to finish goals of research and
investigator only have to collect which are related with their present study. Both sources primary
as well as secondary sources are not really reliable and also not accurate so that researcher are
not able to trust them completely.
Primary data- This type of data can be collected through using both type of methods
quantitative and qualitative. Such methods has been include online questionnaire, telephonic
interviews as well as surveys which are mainly used quantitative data gathering method. These
methods has been used for data gathering from sample. On the other side, face to face interviews
or observation these are the methods in order to gathering qualitative information.
In the present report, people have to collect information which are related with the
policies which are framed by the government. These policies are having impact on the people
who are engaged in the real estate business. So that, questionnaire which are prepared in this
report in order to collect information.
Secondary data- The secondary data technique has been used for information gather.
Further, this is time tested as well as proven techniques which is used by most of the researchers.
Through this method researchers can able to save their time in comparison to primary data
techniques. For the current report two type of secondary sources has been identified which are as
aligned below:
 Internal source- Data has been collected from internal sources is gather from inside the
organization. Researchers used in order to get information for government policies which
impact on the real estate business.
 External sources- In this type of sources data has been collect outside the organization.
3.7 Sampling.

Sampling is the process to collect the data. It is practical approach to collect the data and
it saves the time of the researcher's. It makes the process of research easier for the researcher. It
provides various strategy and procedure that minimize the complexity of the collection of data. It
is required for the researcher to use the sampling very effectively so the information that is
required can be obtained. This process applied to select the sample that collect the primary
information. Sampling is possible with the two methods i.e. probabilistic method and non-
probabilistic method.
Probabilistic method uses all the techniques and elements that has equal chance for the
research. This method uses arbitrary selection process. This method covers two steps for the
collection of data. First step helps to determine the information regarding the population where
the research wants to make the research. Second step is the step in which the sample is selected
on the basis of collected data that is collected from first step. The sample is selected by using
different probabilities selection method as:
7. Simple random sampling
8. Cluster sampling
9. Stratified sampling
10. Systematic sampling
The next method for sampling is Non-probabilistic method. In this method the probability
of selection of all the information of universe is unequal. There are some components that have
more probability than the others. The selection of components depend upon the circumstances.
The main disadvantage of non-probabilistic method is that the sample that is collected do not
represent the correct information of the population and resulted in incorrect result. There are
some methods that are used in non-probabilistic method as:
 Purposive sampling method
 Convenient Sampling method
 Quota sampling method
 Snowball sampling method
In case where the policies of the government affect the real estate sector and to select the
employees the random sampling method is used in this case. To select the sample of the senior
manager, systematic random sampling method is used. Simple random sampling is most easy
method that has no complication.

3.8 Data analysis.
Data analysis is play an important in research method. This is the systematic process
which is mostly used in the research process. This is basically used two types of method such as
quantitative and qualitative. In the qualitative method, themes are formed in order to collect
information through primary means. On the other hand, quantitative method involve statistical
and graphical representation of the relevant data. This techniques give accurate information
which researchers actually wants to get.
The present report used qualitative techniques through which they can collect information
and data. With the help of graphical presentation researchers are able get accurate information
which are related with the policies which are having impact on the real estate business.
3.9 Validity and Reliability.
If there would be validity and reliability in research aspect this can help in the aspect of
making a research more effective for future as well. If the research would be valid and reliable
this can generate a huge impact for better research and hence the results of research would be
more effective. If it would be primary research then the research would create a validity for
longer duration of time and hence research would create an better impact for better research
aspects. Research would be reliable only when the researcher would have authentic information
as well.
3.10 Research limitations.
Lengthy procedure: If the procedure would be lengthy it can create a great error in a
particular research and hence the results would not be in systematic way. This can also create a
problem to understand particular research and hence a lengthy research can create an impact for
getting effective results. Lengthy procedure creates an time taking aspect.
Small sample size: If sample size would be small it can create a huge impact in business
activities that can help in the aspect of better research activities. Small samples could generate an
aspect that can help in getting responses as soon as possible and hence research would be done in
systematic approach and hence research can be successful. Small size can create an positive
impact and hence the research would be effective.
Lack of sufficient secondary data: If there would be lack of sufficient data then it can
create a huge impact in business process and it can create an negative impact in the research

process that can make the irrelevant. It also creates an aspect for the the company growth aspect
if the topic would be specific and hence this can create an effect in research process.
3.11 Ethical considerations.
Debriefing: Debriefing is the main aspect that can be positive aspect in which it tells
about a reason for doing research and also provide a detail information about a research. If there
would be proper briefing about the research this can help in making a research most effective and
efficient.
Permission: It is the main aspect of every researcher that if they want to take any
information they had to take permission from that particular person that can create research more
ethical. It is an ethical aspect that can help in making research successful as well.
Right to withdraw: It is the basic right that responsor can withdraw the things in which
they don't feel to give the information to researcher. It can create an aspect that responsor doesn't
want to provide information after debriefing. They have right that responsor don't accept a
particular briefing and doesn't provide information.
Privacy and confidentiality: It is the main aspect that the researcher had to keep some of
the information confidential that can help in the aspect of better research function. If some of the
aspects would be confidential it can create an positive aspect that can make research successful.

CHAPTER- 4: DATA ANALYSIS
4.1 Introduction
Data analysis section of this section helps to analyse that the data which has been
extracted from various sources which can be in the terms of primary and secondary sources. In
this context the accumulation of data are connected to the questions pertaining to the research
has been discussed in this report. It can be evaluated that the data can be analysed by using
quantitative and qualitative approaches. In the qualitative method, explanations of various
respondents has been focused upon. On the other hand, in the quantitative approach, main focus
is on the numerical assessment and evaluation of data.
In this present report it can be evaluated that qualitative approach has been used in the
context of analysis of data and other resources. The main motive of using the qualitative
approach is to include the primary source of information in the conducted research. Also, it
directly provide us the information regarding opinion and views of public.
4.2 Analysis
It has been conducted that the primary data which has been extracted and collected from
the detailed and effective questionnaire survey of random group of people who are engaged in
the business of real estate market. The views of people has been extracted from an effective
questionnaire by using graphs and themes. As it has been said that there are many citizens and
non citizens of Brunei which are engaged in the business of real estate business in Brunei, hence
a random selection of 50 respondents have been chosen who will represent the entire group of
people who are engaged in the property market in Brunei. In this aspect the concept, furthermore,
an analysis of responses attained from the questionnaire along with the use of themes and
graphical interpretation is used to highlight the research in a more effective manner.
Theme: 1 Opinion for changes in prices of property.
Do you really think that the prices of property will rise after changes
in the governmental policies?
Findings
Yes 30
No 15

Cannot say 5
Total 50
30
15
5
Yes
No
Can not say
Interpretation: from this data, it can be interpreted that among 50 people, there are 30 people
who are citizens of Brunei, who believes that there are many people who believes that after the
changes in the policies of government in respect of property market, there will be significant
changes in the prices of the property sector in Brunei. On the other hand, there are 15 people who
are of the opinion that there will be no increase in prices of real estate area. Even though there
are 5 people who have no idea regarding modifications in the pricing of real estate property.
Discussion and Analysis: From the above discussion it can be said that there are many people
who are in the opinion that that the prices will change in respect of changes in the policies in
Brunei. There are many changes in the laws and legislations for an example property law which
affects the prices of property market in a positive way. It can also be said that as changes in the
laws and legislations have restricted the ownership in the property market in Brunei, it brought a
profitable changes in economy which includes to sell the property outside the country.
Theme 2: Positive impact on the Property market due to changes of government policies in
Brunei
Is there any positive impact from changes in policies in property
market of Brunei?
Findings
Yes 35
No 10
Cannot say 5

Total 50
Yes
No
Cannot say
0 5 10 15 20 25 30 35
Interpretation: From above analysis, it can be interpreted that there are 35 people, in whose
opinion there is a positive change in the property market by modifications and alterations in the
strategies and legislations by the government. In addition to this, there are 10 people who are of
the opinion that modifications in the governmental policies will not impact the property market
in a positive manner. According to them, due to change the performance of property market will
hinder the performance of property market. Also, there are 5 people who can not say in respect
of impact of property market in Brunei.
Discussion and analysis: From the above interpretation it can be analysed that in accordance
with the view point of some people, changes will impact the property market in a positive and
god manner. After changes in the policies, Brunei has become a market which renders profits to
citizens of country. Also, improvement in respect of investment opportunities have been marked.
Also, changes in law enable the property market to sell overseas. On the other hand, there will
be not a positive impact on the property market in the aspect of the country as it enable the ban
on the power of attorney and trust deeds which are not considered as an effective step taken by
the government of Brunei
Theme 3: Builders will make changes in their prices due to change in legislations of
property market

Will builders make any changes in their prices due to change in
the policies related to property market?
Findings
Yes 35
No 15
Cannot say 0
Total 50
Yes No Cannot say
0
5
10
15
20
25
30
35
30
10
0
Column B
Interpretation: From the above interpretation, it can be understood that there are 30 people
among persons who are engaged in the business of real estate property market, who believes that
the prices of different properties in Brunei, will be increased by varied builders in the respective
state. On the other hand, there are 10 people who believes that the prices will not be hiked by
builders.
Discussion and Analysis: From the above discussion it can be held that the prices will be
increased by the builders due to change and alterations due to various changes in the government
policies and procedures. It can be said that there are various modifications which can effect the
property market in an effective manner. As interest of citizens and foreigners will be increased
due to diversifications of various legislations and changes in the government policies and

procedures which can make changes in the prices and costs of real estate property of the
company. Also, it will also allow the foreign investors to invest in the property of the country.
Theme: 4 Market area of the property sector is very good in Brunei.
How is the market area in respect of the property business
in Brunei?
Findings
Excellent 15
Very good 25
Good 5
Poor 5
Total 50
Excellent
Very good
Good
Poor
0 5 10 15 20 25 30
Column B
Interpretation: From the above interpretation, it can be analysed that there are various there 25
people among 50 people who are conducting the business of real estate property market in
Brunei, who believes that the present market area and current trend of market of real estate
property is good in respective country. On the other hand, there are 15 people, in whose
according the actual prevailing market area in Brunei is excellent. While there are some 5 people

among 50 citizens who thinks that the real estate sector is good and not so efficient. In the end
there are 5 people who are of the opinion that the market area of the country is poor.
Discussion and analysis: From the above interpretation, it can be interpreted that there are
various effects which has come in to light by the changes in the policies and procedures by
government and its related changes in respect of property sector. It can be evaluated that there
are various changes in which bring positive effect and vice versa. By changes in the
governmental changes the current market trend of Brunei is in a very good state, it can be
evaluated in the sense that due to change the money related to the [property market are now
going overseas, which is a very good indicator.
Theme 5: Satisfaction in respect of changes in the governmental policies in property
market in Brunei ?
Are you satisfied with the changes in the governmental
changes in aspect of property market?
Findings
Highly satisfied 10
Satisfied 30
Not satisfied 10
Cannot say 0
Total 50

Highly satisfied
Satisfied
Neutral
Cannot say
Interpretation: From the above interpretation, it can be said that there are 10 people who are
highly satisfied with the changes that has been introduced by the government, which can be
made effective in the context of the property marketplace of Brunei. Also, in the context of this,
there are 30 people who are satisfied with the changes brought in the market place due to
modifications brought in the legislations and changes in the governmental policies and strategies.
There are 10 people who are not able to express their views and opinion in this regard.
Discussion and Analysis: From the above analysis, it can be interpreted that most of the
citizens are satisfied with the effective changes and alterations in the policies and strategies by
government which affects the policies and procedures. Property market has seen a markable
development as in the sense that it has banned the practice of power of attorney and trust deed.
Also, there are are hike in the number of housing properties purchases that has been made from
Brunei, which is specifically done for the purpose of sole investment.
Theme :6 Changes will bring the development in an economy of Brunei.
In your opinion, will the changes bring development in
over all economy?
Findings
Strongly agree 20
Agree 15
Neutral 5

Disagree 5
Highly disagree 5
Total 50
Interpretation: From the above interpretation, it can be analysed that there are 20 people among
50n respondents who believes that there will be an effective development among 50 people who
are of the thinking that these changes will bring development in an economy of Brunei. Also,
there are 15 people who are the opinion that changes in the laws and legislations of the country
will bring the effective change and development of economy. Further more, there are 5 people
respectively in each of the category which says neutral, disagree and highly disagree.
Discussion and Analysis: In the light of above interpretation, it can be seen that the changes that
has been introduced by the economy of the country are of developing nature. It can also be seen
that there are various changes and effects which prove to be the appropriate for the development
of economy. Also, from this amendments in the policies now, various property dealers from
across the world are investing their money in the property market of Brunei. Also, there were
some loopholes in the previous system in the property market of Brunei, which are now
identified and rectified.
Theme 7: Ban on the power of attorney and trust deed is an effective amendment by
government.
Strongly agree Agree Neutral Disagree Highlydisagree
0
5
10
15
20
25

Ban on the power of attorney and trust deed is an effective
amendment or not?
Findings
Yes 25
No 15
Neutral 10
Total 50
Interpretation: From the above interpretation, it can be evaluated that there are 25 people
among 50 respondents who are in the opinion of the concept that ban on the power of attorney
and trust deed is an effective amendment in the context of the property market in Brunei. Also,
there are people around 15 who believes that ban the power of attorney and trust deed is not a
significant change in the development of economy.
Discussion and analysis : from the above assessment it can be held that there are various
changes that brought development in the property sector of the company. It can also be evaluated
that through effective ban of trust deed and other instruments it can be noted that by banning
these instruments increase the interest of citizens in investing the employees.
yes
no
neutral
0 5 10 15 20 25 30
25
15
10

Theme 8: Modifications in property laws is profitable for economy of Brunei?
Modifications in Property Laws is profitable for economy of
Brunei?
Findings
Yes 35
No 10
Cannot say 5
Total 50
35
10
5
Yes
No
Cannot say
Interpretation: From this above data, it can be interpreted that there are 35 people among 50
respondents, engaged in the business of property business, are of the opinion that modifications
in Property laws will bring effective changes in way of profits. Also, on the contrary there are 10

people who believe that it will hinder the performance of property market and hence effect the
economy of Brunei. 5 people are not able to convey any opinion in regard to this aspect.
Data analysis: Changes in the property laws will bring an effective change in an economy of
country as it changes the system of real estate sector by enabling selling of property and land
overseas. It also banned the transfer instruments which are power of attorney and trust deed.
Also, changes in this law protects and safeguards the interests and involvement in the property
market and also to make sure that land is allotted to citizens who has a right to own it.
Theme 9: Best suitable activities for the citizens of Brunei.
Which of the following activities matches up with you profile
the best?
Findings
Banker. 10
Investment administrator 20
Developer 5
Legal advisor 15
Total 50
Banker
Investment adminsitrator
Developer
Legal advisor
0
2
4
6
8
10
12
14
16
18
20
Interpretation: From the above interpretation,. It can be analysed that there are 10 people who
are bankers , which perform the functions of the banking company. On the other hand, there are

20 people who are engaged in the business of investment administrator in the context of property
market. In addition to this, there are 5 people who are involved as developer of land and other
property market in Brunei. Meanwhile, there are some 15 people who are conducting the
business of legal advising in the aspect of real estate and property market.
Theme 10: Changes will affect the non residents of Brunei.
Will the changes in the policies effect the Non citizens
residing in Brunei ?
Findings
Yes 30
No 10
May be 10
Total 50
Yes
No
May be
0 5 10 15 20 25 30 35
Interpretation: From the above interpretation, it can be analysed that there are 30 people who
believes that changes in governmental policies and strategies will affect the non citizens in
Brunei. However, there are 10 people who are of the opinion of that modifications will not effect
the non citizens residing in Brunei. Also, there are 10 people who think that it may affect and
may be not.
Discussion and Analysis: Recent changes in government policies in Brunei effect the Property
market in Brunei. Also, it affects the citizens and non citizens living in Brunei. It can be further

noted that there are some markable changes which effect the operation of business by non
citizens in Brunei in field of Property market.
CHAPTER :5 CONCLUSION AND RECOMMENDATIONS
Conclusion
In the above report a complete overview regarding the property and real estate market in
Brunei. Also, it also introduced a complete knowledge regarding the effect in the property
market , due to recent change of government policies Brunei. The introduction section of this
dissertation has provided us a detailed information regarding property market in Brunei and its
recent trends. In addition to this, the literature review section of this chapter illustrates the
complete frame work of real estate sector in Brunei as well as analysis of impact on the property
market by modifications in the governmental policies in Brunei. It can also be said that there are
some changes which affects the respective citizens in a positive and negative manner ,
respectively. It has bee learnt that there are some significant laws and legislations due to which
the banking companies in Brunei provide loan at a considerable rate to the property sector.
Also , various strategies and tools are being used in the context of analysing information related
to property market in Brunei. This research has been based on the interpretivism approach. And
also includes the qualitative data analysis technique in evaluation of gathered information. May
authors in regard to property market has conveyed that there are some notable changes in the
context of property sector system. It can be further evaluated that due to this change . The
practice of Power of attorney and trust deed has been banned. In addition to this, the provision

of 60m years lease has also been abolished. Moreover, the property market in Brunei has
significantly remarked an effective change in economy. It also showed that the economy will be
failed to perform if the buyers of the country decide to take back their money then , it will affect
the business and economy in a negative manner.
Recommendations
It has been recommended that the property market should frame their laws and
legislations in a positive manner so that it can be able top foster the performance of the
economy. In the context of property market it can also be suggested that the laws ans legislations
should not hinder the performance of citizens and non citizens.
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APPENDIX
QUESTIONNAIRE
Name:_______________
Age: _____________
Question:1 Do you really think that the prices of property will rise after changes in the
governmental policies?
 Yes.
 No.
 Cannot say.
Question:2 Is there any positive impact on the changes in property market of Brunei?
11. Yes.
12. No.
13. Cannot say.
Question:3 Will builders make any changes in their prices due to change in the policies related to
property market?
 Yes.
 No.
 Cannot say.

Question 4: How is the market area in respect of the property business in Brunei?
 Excellent.
 Very good.
 Good.
 Poor.
Question 5: Are you satisfied with the changes in the governmental changes in aspect of property
market?
 Highly satisfied.
 Satisfied.
 Not satisfied.
 Cannot say.
Question 6: In your opinion, will the changes bring development in over all economy?
 Strongly agree.
 Agree.
 Neutral.
 Disagree.
 Strongly disagree.
Question 7: Ban on the power of attorney and trust deed is an effective amendment or not?
 Yes.
 No.
 Neutral
Question 8: Modifications in Property Laws is profitable for economy of Brunei?
 Yes.
 No.
 Cannot say.
Question 9: Which of the following activities matches up with you profile the best?
 Banking company.
 Investment administrator.
 Developer.
 Legal advisor.
Question 10: will the changes in the policies effect the Non citizens residing in Brunei ?