The Sociocultural Significance of Homeownership in Brunei Darussalam

Abstract

Houses matter to Bruneians. However, there are varying values and meanings attached to a house depending on spatial and cultural differences, which influence people’s urgency to become homeowners. Governance, consumption patterns and sociocultural institutions shape how consumers value housing and influence their desire to become homeowners. This chapter suggests that Brunei Darussalam’s housing development and culture are unique compared to societies that have undergone significant financial liberalisation such as Britain and the United States. Financial liberalisation or financialisation involve governments reducing their restrictions on financial institutions and the financial markets. Based on qualitative research that involved 210 structured interviews, six in-depth interviews and secondary data, this study identifies the variables that influence the culture of homeownership in Brunei.