Jakarta East Property Market Stagnant During Pandemic

During the Covid-19 pandemic, the Rumah.com Indonesia Property Market Index (RIPMI) recorded the highest increase in the combined property price index in East Jakarta in the third quarter (Q3) of 2020, namely two percent compared to the previous quarter (QoQ), then stagnated until Q1 2021. Year-on-year, the combined property price index in East Jakarta in Q1 2021 still showed an increase of 3.1 percent.

The situation of the landed house price index in East Jakarta was not much different. The highest price growth occurred in the third quarter of 2020, namely 1.7 percent quarter-on-quarter, then stagnated until the first quarter of this year. Year-on-year, the combined property price index in East Jakarta in the first quarter (Q1) 2021 still showed an increase of three percent.

Stagnation was also seen in the apartment sector. The dynamics of the apartment price index movement in East Jakarta did not reach one percent in the last year. The apartment price index in East Jakarta in the first quarter (Q1) 2021 was at the level of 99.5 or only increased slightly by 0.4 percent quarter-on-quarter and 0.8 percent year-on-year.