Situation of Property Market in Brunei

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IMPACT ON THEPROPERTY MARKETDUE TO THE RECENTCHANGE OFGOVERNMENTPOLICY IN BRUNEI
Table of ContentsCHAPTER 1: INTRODUCTION....................................................................41.1 Overview...............................................................................................................................41.2 Research Aim and Objectives...............................................................................................51.3 Research questions................................................................................................................51.4 Focus and purpose:................................................................................................................61.5 Potential significance............................................................................................................61.6 Frame work analysis............................................................................................................71.7 Structure................................................................................................................................8CHAPTER – 2: LITERATURE REVIEW.........................................................92.1 Introduction...........................................................................................................................92.2 Situation of property market in Brunei.................................................................................92.3 Current market trends in property market in Brunei...........................................................102.4 Effect of legislations on the property market in Brunei......................................................132.5 Effect of government changes in policies and procedures in property market of Brunei...14CHAPTER- 3: RESEARCH METHODOLOGY..........................................163.1 Introduction.........................................................................................................................163.2 Research Philosophy and Approach....................................................................................173.3 Research Design..................................................................................................................183.4 Research Approach.............................................................................................................183.5 Research type......................................................................................................................193.6 Data collection....................................................................................................................193.8 Data analysis.......................................................................................................................213.9 Validity and Reliability.......................................................................................................213.10 Research limitations..........................................................................................................223.11 Ethical considerations.......................................................................................................22..................................................................................................................................23CHAPTER- 4: DATA ANALYSIS................................................................234.1 Introduction.........................................................................................................................234.2 Analysis...............................................................................................................................23
CHAPTER :5 CONCLUSION AND RECOMMENDATIONS...................................................36Conclusion.................................................................................................................................36Recommendations.....................................................................................................................36REFERENCES..............................................................................................................................37APPENDIX....................................................................................................................................40
CHAPTER 1: INTRODUCTION“Real estate is a concept which involves a property that consist of building and land onit. 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 OverviewIn this era of modern world, the business of real estate is on the hike. Property marketcomprises of the field of real estate and its related aspects(Aggarwal and Urata., 2016). It canbe 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 tooverseas realty market, 2017). property market is considered as the legal term which is used inthe judicial system of a particular country(Basri 2016). It can be further stated that it is one of thebusiness which increases the economy of a country across the world. Property market is aconcept, which involves the buying , selling and renting of holding or a land and buildings by aperson(Benvenisti, 2015). In this concept it can also include that property market consist ofvarious brokers which are involved in this business to make it more effective(Corben, 2015). Itcan be further noted that the effective market research can be considered as a crucial part as it isa 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 toensure regarding the new schemes and strategies and other related policies which will enable aneffective development. Personal property market is also one of the type of propertymarket(Elliott and et. al., 2016). It can be noted that the property industry is heavily regulated inthe 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 becharacterised as commercial and residential real estate. Also, there are various laws andlegislations framed with respect to the effective and legal regulation of the propertymarket(Forrest, Koh and Wissink., 2017). It can be seen that there are several aspects that arerelated to property rights conferred which can be referred like Rights are separable andintegrated with the mechanism of market and rights can be changed according topreferences(Haila., 2015).This present report focus on the main issue of the impact of change in government policyon the property market in Brunei. Brunei is an Asian country which is situated near byMalaysia(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 asovereign state(Hudson., 2012). In the said country which is ranked fifth across the world interms of GDP per capita at purchasing power parity. In the recent years it has been said thatforeigners found their interest to invest in the property market of Brunei. Buyers of land can onlylease the land by taking prior approval of Head of state(Hughes and Lucas., 2016). Although, thegovernment of Brunei has evolved various strategies that will enhance the investment in theproperty market in respective country (Changes in property ownership laws affect real estatemarket in Brunei , 2017). The government is trying to stimulate the economy so that manyoptions can be available to its investors.1.2 Research Aim and ObjectivesAim:To identify the impact of changes in government policies and strategies in thestream 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 soas 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 bygovernment of Brunei in order to increase the efficiency of property market in saidcountry.
To assess the nature of purchasers of property market after changes in the rules andregulations by Government of Brunei, in order to improvise the quality and market areain which real estate operates.1.3 Research questionsThere 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 andstrategies 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 inproperty market?1.4 Focus and purpose:Focus:The main focus of the stream of research is to identify and evaluate the changes whichhas been brought by the government of Brunei in its property sector, by changing relatedpolicies and procedures. Property area of Brunei is considered as one of the highest source ofearning revenues in the view point of government. Research in Property market of the saidcompany 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 governmentalpolicies in respect of property market has been highlighted. Also, with reference of this, effectof legislations framed in respect of trenchant policies of house market or real estate in thecountry of Brunei has been discussed.Purpose:It is the concept which involves the main reason of conducting this research. It can benoted that the if there will be effective implementation of the governmental policies andprocedures in property market, it will develop the market opportunities for n number of buyersand sellers . It will also enable the government to evaluate the future potential growth inn theeconomy of Brunei.
1.5 Potential significanceThe current research has been conducted with a perspective to evaluate the effect that hasbeen brought in the line of reasoning in light of property market area. It can be signified that itcan be effective in regard to enhance the property market in Brunei. Also, it can enable thepurchasers 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 theirproperty market more strong has also been discussed. It can also be stated about methods inwhich the government of Brunei can solve their issues related to social and political issue. Inaddition to this, the their effective plan has been framed in respect of driving economic andsocial growth of country. Investment in the real estate property can lead to over all developmentof the country. It can be significant in various terms and line of focus. It can be summarised asby the changes in the policies and procedures, it would be easier for people to invest in realestate business. Further more, this research will also enable the potential development of theproperty sector of the respective said country. It can be further noted that the businessorganizations can also work for the betterment of the society. It can be summarised as thechanges in the policies will effect the potential buyers and sellers who wishes to invest in the realproperty of the said country. Also the significance can be judged in the terms of positive impacton 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 ofproperty market Brunei, it can be beneficial for the purpose of loan application from banks andother financial institution.1.6 Frame work analysisThis section of the report is consist of the factors which are related to the stepscomprising of steps and process in which the research will be conducted. Following techniquesand methods are applied while disposing the current research:1.Research design:It is the concept in which the process and steps applicable for the aresearch has been applied. In this present research report, descriptive form, of theory hasbeen adopted. It will be useful in determining the effect of changes in property marketrules and regulations.
2.Research Philosophy:It is the concept which enable and help the person who isconduction the research, by acknowledgement of a particular pattern of enquiry. In thisconcept, 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 adopta particular set of theory to research a particular thing. It can be further noted that in thisreport, inductivism approach has been evolved.4.Data collection method:During the research process, data from primary sources hasbeen collected and applied in appropriate places. A questionnaire has been prepared inrespect of the identification of effect, with the open and close ended questions.5.Sampling techniques:Selection of techniques which are simple and random in naturehas been attained. It is useful as to attain effective knowledge by picking up a segment ofrandom group of people.6.Data analysis technique:To conduct this research, qualitative technique of dataanalysis has been used in this report. It can be further noted that there are varioustechniques which are formed in respect of the data analysis.1.7 StructureThis section consist of the proper sequence which involves the proper structure in thereport which can be explained as :Chapter 1:Introduction--this section covers the overview of the topic and the concernedrelated other methods.Chapter 2:Literature review-- In this section subject matter of related authors has beendiscussed. It will explain regarding the changes in policies and their effect in the currencymarket.Chapter 3:Research methodology:In this section of the present report, it explicatesabout different and varied methodologies that are used while research. Also, it highlightsobjectives and aim of research with data collection techniques etc.Chapter 4:Data Analysis and Findings:This section of report signifies the data andother 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 bearise due to appropriate aggregation and accumulation of the facts and concepts.
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