2024-08-12-莱坊-Jakarta_Strata_Apartment_Market_Overview_H2_2023_2页_1mb

Jakarta condominium market in H2 2023 showed sluggish performance characterized by slower pre-sales, minimal price growth, and weak demand due to financial challenges faced by developers. Key highlights include a slight overall increase in cumulative existing supply to 239,606 units, with the middle segment dominating at 42.1% and South Jakarta contributing the largest share. Demand decreased to 6,281 units in 2023, down from the prior year, and average asking prices fell by 5.6% YoY. Pre-sales rates slowed to 56.5%. Supply in the pipeline for 2024-2027 stands at 16,693 units, mostly in non-CBD areas, with a wait-and-see sentiment expected due to the 2024 elections and potential benefits from VAT rebates. The market outlook suggests continued caution among buyers but potential recovery through incentives.