Tangerang Selatan Property Price Index Continues to Rise Amidst Pandemic

The property price index in South Tangerang City continued to grow during the pandemic. The Rumah.com Indonesia Property Market Index (RIPMI) 2021 recorded that the combined property price index in this region continued to strengthen in the first quarter of 2021, reaching 115.6. This figure grew by 1.6 points compared to the previous quarter (QoQ) and increased by 1.9 points compared to the same period the previous year (YoY).

The increase in the South Tangerang property price index was mainly due to the surge in landed house prices. After falling by 2 points in the second quarter of 2020 compared to the previous quarter, landed house prices rebounded in the third quarter and surged further in the first quarter of 2021. This increase was accompanied by a rise in the landed house supply index, indicating increasing demand for houses.

Meanwhile, although it remained at 127.1 in the first and second quarters of 2020, the apartment price index in South Tangerang City began to decline in the third quarter of 2020 until the first quarter of 2021. However, this decline was relatively small, only around 1.6 points compared to the previous quarter (QoQ).

Therefore, the effect of the Covid-19 pandemic on property in South Tangerang City was among the mildest compared to other regions.