Denpasar and Solo Lead the Highest Increase in Used Home Prices in November 2023

Based on the December 2023 Flash Report released by Rumah123.com, the price trend of secondhand houses in Indonesia in November 2023 increased by 2.2% year-on-year (YoY).

Denpasar led the increase in secondhand housing prices nationwide, with a 20.1% increase in November 2023. This was followed by Surakarta (Solo) with an 8.3% YoY increase in secondhand house prices.

Bharat Buzani, Senior Vice President of Marketing at 99 Group Indonesia, stated that these two cities possess attractive tourism appeal and relatively affordable property prices.

"The potential peak of homecoming and tourism activities during the Christmas and New Year holidays could provide an additional boost for those interested in finding housing that offers a balance between simple city life, a relaxed lifestyle, rich traditional culture, and natural beauty," said Bharat in his official statement on Wednesday, December 20, 2024.

Makassar followed, with annual house price growth of 4.9% in November 2023. This was followed by Bekasi at 3.9%, Medan at 3.5%, and Tangerang at 3.1%.

Several major Indonesian cities, including Bogor, Surabaya, Depok, Jakarta, and Semarang, also experienced house price increases of less than 3%.

Conversely, Bandung and Yogyakarta experienced price decreases in November 2023, at -1.2% and -7.2% respectively.

The calculation of secondhand house price increases is based on the property platform database of 99.co and Rumah123.com, collected from 290,000 houses across 13 cities studied.