Despite Low Supply, Apartment Prices in Bogor Regency Continue to Rise

Apartment price indices in Bogor Regency continued to increase until the end of 2020. However, the rise in apartment prices in Bogor Regency was not significantly influenced by the available supply. Prices continued to rise whether the apartment supply in the region increased or decreased.

According to the Rumah.com Indonesia Property Market Index (RIPMI), the apartment supply index in Bogor Regency steadily declined sharply from the third quarter of 2017 to the third quarter of 2019. Although it has been slowly increasing, the increase in the apartment supply index in Bogor Regency has not exceeded five percent.

The highest supply increase occurred in the fourth quarter of 2019, quarter-on-quarter (QoQ), at 4.7 percent. Meanwhile, year-on-year (YoY), the apartment supply index in Bogor Regency increased by a maximum of 9.2 percent in the fourth quarter of 2019.

The rise and fall of apartment price indices in Bogor Regency appears to be more dependent on the fluctuation of landed house prices. This is because when landed house prices rise, apartment prices fall. Conversely, when landed house prices fall, apartment prices increase. Therefore, if consumers are interested in buying an apartment in Bogor Regency, it is advisable to also pay attention to the development of the landed house price index.