Used Home Prices in Medan Soar Up to 10.4%, What About Jakarta?

On average, the price of used homes in Indonesia increased by 4.1% year-on-year in July. The price of pre-owned homes in Medan, North Sumatra, saw the sharpest increase among other cities in the country.

The price of used homes in Medan, as measured by the Repeat Price Index (RPI), is estimated to have risen by 10.4% year-on-year in July, according to Rumah123.com, an online property marketplace.

The median price of used homes in Medan is estimated to range from Rp435 million for houses less than 60 square meters to Rp4.1 billion for houses larger than 251 square meters.

Bekasi, West Java, followed with the second-highest year-on-year growth rate in used home prices. The median price range for used homes in this city is narrower than in Medan. The median price of houses larger than 251 square meters is estimated at Rp3.6 billion, 12.19% lower than in Medan.

Meanwhile, the price of used homes in Bogor, also in West Java, is estimated to have shown no year-on-year increase. Conversely, the RPI for this city actually decreased by 0.8% in July compared to the previous month.

On the other hand, the increase in the price of pre-owned homes in Jakarta was 2%, lower than the national average increase in home prices.

Overall, Rumah123.com estimates that the supply of used homes also surged by 34% in July compared to the previous year.