BI Survey: Indonesia's Property Market Strengthens in Late 2023

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Adi Ahdiat 03/05/2024 18:51 WIB

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According to a Bank Indonesia survey, Indonesia's property market strengthened in the final quarter of 2023, reflected in the positive growth of house sales.

Growth Rate of Residential Property Sales in Indonesia (Q1 2019 - Q4 2023)

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BI Survey: Indonesia's Property Market Strengthens in Late 2023

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Growth Rate of Residential Property Sales in Indonesia (Q1 2019 - Q4 2023)

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The domestic property market strengthened in Q4 2023, after a sluggish performance in the previous three quarters.

This is recorded in the Residential Property Price Survey (SHPR) report from Bank Indonesia (BI), February 2024 edition.

BI routinely conducts quarterly surveys of a sample of property developers spread across 18 major cities.

The survey locations include Jabodebek-Banten, Bandung, Semarang, Surabaya, Medan, Padang, Palembang, Bandar Lampung, Yogyakarta, Banjarmasin, Denpasar, Manado, Makassar, Pontianak, Batam, Balikpapan, Samarinda, and Pekanbaru.

One aspect surveyed is the number of residential property units or new houses sold by each developer.

The results show that the total volume of new home sales in Q4 2023 grew by 3.37% year-on-year (YoY).

This marks the first positive achievement in 2023, after three consecutive quarters of negative growth or contraction, as shown in the graph above.

"The increase in property sales in Q4 2023 occurred across all house types, particularly medium and large types," BI stated in its report.

"Meanwhile, sales of small-sized houses performed better compared to the previous quarter, although they remain in the contraction zone," it continued.

According to BI's survey results, the main factor hindering property sales in Q4 2023 was licensing/bureaucratic issues, cited by 33.62% of respondents.

Respondents also cited mortgage interest rates (28.07%), high down payment proportions in mortgage applications (22.83%), and taxation (15.47%) as obstacles to home sales.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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BI Survey: Indonesia's Property Market Strengthens in Late 2023

BI Survey: Indonesia's Property Market Strengthens in Late 2023

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BI Survey: Indonesia's Property Market Strengthens in Late 2023

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