Bekasi House Prices Rise 5.3% in September 2023, According to LRT Data

Based on the Rumah123.com Flash Report, the annual trend of house prices in Indonesia increased by 2.5% in September 2023 compared to the same period last year (year-on-year/yoy).

Medan led the nation in price increases, reaching 8.8% (yoy) in September 2023. Faizal Abdullah, Senior Vice President of Listing Business at 99 Group Indonesia, views this price increase as an opportunity.

"This certainly presents a potential attraction to make housing in Medan a profitable long-term investment asset," said Faizal in his official statement on Monday (16/10/2023).

The second highest increase in housing prices occurred in Denpasar at 5.7% and Bekasi at 5.3% (yoy).

Faizal explained that the increase in the housing price index in Bekasi is attributed to the LRT Jabodebek, a new public transportation mode that began operating in the middle of this year.

This is considered advantageous for property owners as an investment asset that is growing significantly.

"The presence of the LRT Jabodebek is gradually increasing the attractiveness of the Bekasi area as a place to live or invest," said Faizal.

Surakarta follows next, with annual house price growth of 3.8% last month. This is followed by Tangerang at 3% and Surabaya at 3.8%.

Meanwhile, other major cities such as Surabaya, Semarang, Bogor, Jakarta, Makassar, and Depok experienced an increase in the housing price index of less than 3%.

On the other hand, Bandung and Yogyakarta recorded a decrease in the house price index throughout September 2023, with proportions as shown in the graph.

(See also: This is the Variety of Motivations of Generation Z and Millennials in Buying a House)