House Sales Still Contracted in Q1 2022: What Caused It?

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Vika Azkiya Dihni 19/05/2022 12:30 WIB

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House sales in Q1 2022 still recorded a year-on-year (YoY) contraction of 10.11%. However, sales improved slightly compared to Q4 2021.

Annual Growth of House Sales (Q4 2021 - Q1 2022)

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House Sales Still Contracted in Q1 2022: What Caused It?

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Annual Growth of House Sales (Q4 2021 - Q1 2022)

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House sales in the first quarter of 2022 still recorded a 10.11% year-on-year (yoy) contraction.

However, sales improved slightly compared to the fourth quarter of 2021, which experienced an 11.6% (yoy) contraction.

Based on Bank Indonesia's (BI) Residential Property Price Survey (SHPR), the decrease in contraction in the first quarter of 2022 was driven by an improvement in large-type house sales, which grew by 4.01% (yoy).

Meanwhile, sales of medium-type houses in the first quarter of 2022 contracted by 18.28% (yoy), and sales of small-type houses contracted by 8.27% (yoy).

The BI survey notes five factors that have hindered optimal sales of primary residential properties.

First, the highest response from respondents was due to the increase in building material prices. Second, licensing or bureaucratic issues. Third, the interest rate on Home Ownership Loans (KPR).

The fourth factor is the high down payment proportion in KPR applications, and lastly, taxation issues.

Primary residential property sales in the first quarter of 2022 increased by 1.38% compared to the previous quarter (quarter-to-quarter/qtq).

BI notes that this quarterly growth was driven by increased sales of small and medium-type houses, which rose by 14.88% (qtq) and 6.52% (qtq), respectively. Sales of large-type houses, however, decreased by 20.1% (qtq).

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."