Used Home Prices Increased by 3.1% in March 2022

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Dzulfiqar Fathur Rahman 06/05/2022 15:00 WIB

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According to a 99 Group report, the Resale Price Index (RPI) for used homes grew 0.5% month-on-month and 3.1% year-on-year, reaching 106.4 in March 2022.

Used Home Price Index (November 2021-March 2022)

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Used Home Prices Increased by 3.1% in March 2022

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Used Home Price Index (November 2021-March 2022)

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According to a report by real estate company 99 Group, prices and supply of used homes experienced growth in March 2022.

This is measured using the Resale Price Index (RPI) and the Resale Supply Index (RSI) designed by 99 Group.

"RPI and RSI are listing-based indices reflecting the resale price of houses and changes in supply," wrote 99 Group in its report.

"The data used to calculate the RPI and RSI is taken from the most comprehensive and largest property listing database in Indonesia, namely 99.co and Rumah123.com," they continued.

The Resale Price Index (RPI) recorded a growth of 0.5% (month-on-month/mom) or 3.1% (year-on-year/yoy) to 106.4 in March 2022.

According to this index, used home prices in 9 out of 13 cities experienced a monthly increase, with the highest monthly increase occurring in Bogor at 2.9% (mom).

Year-on-year, used home price increases occurred in 11 out of 13 cities, with the highest yearly increase occurring in Medan at 8.5% (yoy). Meanwhile, used home prices in Denpasar fell by 1.3% (yoy), and Makassar fell by 0.7% (yoy) in March 2022.

Meanwhile, the Resale Supply Index (RSI), which measures the supply of used homes, also grew significantly, increasing by 27.3% (yoy) to 121 in the same period.

In March 2022, Tangerang was the most popular location for used home searches on 99 Group's website, followed by West Jakarta, South Jakarta, Bandung, and North Jakarta.

Bank Mandiri economists project that credit disbursement in the property sector will grow between 9% and 11% in 2022.

This growth projection is partly supported by the implementation of incentive policies in the form of relaxation of Value Added Tax (VAT) and down payment (DP) for home purchases.

Editor : Adi Ahdiat

"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."

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Used Home Prices Increased by 3.1% in March 2022

Used Home Prices Increased by 3.1% in March 2022

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Used Home Prices Increased by 3.1% in March 2022

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