Late 2016, Property Price Growth Slowed

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28/11/2016 16:05 WIB

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In the final quarter of 2016, the growth of residential property prices slowed. A Bank Indonesia survey showed that the growth of the residential property price index in the third quarter was 0.36 percent (qoq) and 2.75 percent (yoy), slower than the previous period's 0.64 percent (qoq) and 3.39 percent (yoy). This slowdown was predicted to continue into the fourth quarter of 2016.

This slowdown in the increase of residential property prices in the third quarter of 2016 had been anticipated in the previous quarter's survey. Bank Indonesia attributed the decline in the price index to limited demand growth throughout the third quarter of 2016. Furthermore, the reduction in the final income tax rate on land/building transfers from 5 percent to 2.5 percent also contributed to this slowdown in property prices.

"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."