{"id":29128,"date":"2022-06-02T18:35:28","date_gmt":"2022-06-02T11:35:28","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=29128"},"modified":"2022-07-19T15:56:42","modified_gmt":"2022-07-19T08:56:42","slug":"bright-future-awaits-indonesia-as-economy-rebounds-and-consumer-sentiment-improves","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/bright-future-awaits-indonesia-as-economy-rebounds-and-consumer-sentiment-improves\/","title":{"rendered":"Bright future awaits Indonesia as economy rebounds and consumer sentiment improves"},"content":{"rendered":"

Indonesia\u2019s real estate market remains moribund following the pandemic and years of stagnation before it. But strong housing demand and bright economic tidings offer grounds for optimism<\/p>\n

\"\"
The improving economic signs bodes well for a country with a massive population that still needs housing. CreativaImages\/Shutterstock<\/figcaption><\/figure>\n

The last two pandemic-hit years have given time a bendable, amorphous shape.<\/p>\n

Indeed, it\u2019s hard to believe that there was ever a juncture when Indonesia\u2019s property market was among the hottest in the world. The Covid-19 era has certainly kicked any chance of an imminent strong rebound into the metaphorical long grass.<\/p>\n

The doors have barely opened for the past two years at sales showrooms in Jakarta. Sales weren\u2019t exactly brisk before the pandemic hit, but they fell off a cliff in 2020.<\/p>\n

\u201cDemand for housing dropped about 80 percent since Covid,\u201d says Ferry Salanto, head of research at Colliers Indonesia.<\/p>\n

The pandemic accelerated a trend that had been well established following the tailing off of the industry\u2019s boom years as one of the world\u2019s liveliest property markets at the turn of the decade.<\/p>\n

Indonesia made a startling comeback after the Asian financial crisis of the late 1990s and saw its real estate market boom. The surge was driven by robust demand for commodities like coal and a resurgence of trust in its banking system.<\/p>\n

Prices went parabolic as the boom reached its peak in the 2012-2014 period. Units that were going for a song some five years earlier like a three-bedroom apartment in the high-end Regatta complex in Jakarta then tripled to around IDR8billion (around USD550,000).<\/p>\n

\"\"
Property prices in Bali have slumped, but the drop opens buying opportunities for investors. Cocos.Bounty\/Shutterstock<\/figcaption><\/figure>\n

\u201cThe Jakarta real estate market has been one of the strongest in the world,\u201d David Cheadle, managing director of the Indonesia office of Cushman & Wakefield, told the FT in 2014.<\/p>\n

But demand and prices dropped as the economy cooled and the industry began a period of consolidation leading to a string of sluggish years.<\/p>\n

Shortly before the pandemic hit, residential prices in the country\u2019s 14 largest cities fell by 1.98 percent during the year to the third quarter of 2019 as the Indonesian economy continued to labour.<\/p>\n

In 2020, economic growth contracted for the entire year for the first time since the Asian financial crisis as the country grappled with soaring case numbers of Covid-19.<\/p>\n

As a result, residential property sales fell by 11.6 percent in Q4 2021 from a year earlier, following declines of 15.2 percent in Q3 and 10 percent in Q2, according to Bank Indonesia.<\/p>\n

Among the hardest-hit sectors has been residential high-rise. According to JLL, the demand for units at the start of 2022\u2014though slightly better than in the previous quarter\u2014remained weak, with sales below 300.<\/p>\n

\"\"
Tourism is slowly returning to Indonesia, but numbers pale in comparison to pre-pandemic times. raditya\/Shutterstock<\/figcaption><\/figure>\n

\u201cMiddle to lower-grade demand remained sustainable due to support from a larger customer base and more affordable units, compared to the upper-grade market where sales activity remained slow,\u201d stated a recent report.<\/p>\n

\u201cDevelopers continued to target potential new customers with different strategies, combining online and offline marketing approaches, offering greater flexibility and extending various promotions, such as attractive payment terms and other gimmicks to boost sales at year-end.\u201d<\/p>\n

In Jakarta, which remains the most active property market, no new projects were launched in the fourth quarter of last year. In Bali, a popular destination for foreign buyers especially, prices have reportedly come down by half since the pandemic. Bargains are especially prevalent in popular tourist areas like Jimbaran and Nusa Dua, where prices are at 2017 levels, according to estate agents.<\/p>\n

More: 6 reasons why Bogor, Indonesia is an up-and-coming address<\/strong><\/a><\/p>\n

The picture looks to be a bleak one, but analysts believe there are reasons for optimism.<\/p>\n

A positive development has been a sharp rise in exports. According to official data, Indonesia\u2019s exports rose to a new all-time high in March as Russia\u2019s invasion of Ukraine triggered a surge in global commodity prices and expanded the nation\u2019s shipments of steel, coal and palm oil.<\/p>\n

According to a recent Bloomberg survey, the year-on-year rise in exports of 44.36 percent to USD26.5 billion in March beat all analyst forecasts.<\/p>\n

\"\"
Jakarta\u2019s property market may have slumped from its peak, but recent economic good tidings for Indonesia offer hope. AleksandarTodorovic\/Shutterstock<\/figcaption><\/figure>\n

\u201cThe impact on our trade will depend on how long the Russia-Ukraine conflict will last,\u201d says Margo Yuwono, head of Indonesia\u2019s statistics office.<\/p>\n

Imam Wiratmadja, head of consumer acquisition at Rumah.com, a local property site, told Property Report that signs of recovery have started to emerge. The Q1 2022 Price Index reports a slow trend upwards. But it\u2019s still slightly higher than that of Q1 2020.<\/p>\n

\u201cThe supply index slowed, but we see this as an anticipation to Hari Raya, in which traditionally people will focus on celebration and holiday for a week or two in their hometown with their families,\u201d adds Wiratmadja, referring to the national holiday which was held at the start of May.<\/p>\n

More: New Indonesian capital \u2018Nusantara\u2019 unveils opportunities for property investors<\/strong><\/a><\/p>\n

Ferry Salanto at Colliers said the improving economic signs allied to the country\u2019s emergence from the pandemic bodes well for a country with a massive population that still needs housing.<\/p>\n

\u201cThe need for housing in Indonesia is still huge, and this creates an opportunity for property in Indonesia compared to the commercial asset classes,\u201d he says.<\/p>\n

\"\"
Largely undeveloped still, Indonesia\u2019s portion of Borneo is expected to change dramatically when it becomes home to the nation\u2019s new capital. lukaszemanphoto\/Shutterstock<\/figcaption><\/figure>\n

\u201cThe backlog is around 10 million. That shows you the scale of demand in Indonesia where we have a population of 300 million. The distribution of housing is mainly around the cities around Jakarta.\u201d<\/p>\n

Whether the growth in commodity exports could see a return of the boom years of a decade ago soon is a moot point. Analysts believe it\u2019s unlikely.<\/p>\n

\u201cThe housing market is in a trough, or at 6 o\u2019clock,\u201d adds Saltano.<\/p>\n

\u201cBut we might get to 7 o\u2019clock in the next year. It\u2019s not much, but it\u2019s progress.\u201d<\/p>\n

The original version of this article appeared in\u00a0Issue No. 172<\/a>\u00a0of\u00a0PropertyGuru Property Report Magazine<\/a>. Write to our editors at\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The nation\u2019s real estate market remains moribund following the pandemic. But strong housing demand and bright economic tidings offer grounds for optimism<\/p>\n","protected":false},"author":9,"featured_media":29129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[97,92],"tags":[154],"class_list":["post-29128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazine","category-news","tag-indonesia","news_country-indonesia","news_author-george-styllis"],"acf":[],"yoast_head":"\nBright future awaits Indonesia as economy rebounds and consumer sentiment improves | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/bright-future-awaits-indonesia-as-economy-rebounds-and-consumer-sentiment-improves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bright future awaits Indonesia as economy rebounds and consumer sentiment improves | Asia Property Awards\" \/>\n<meta property=\"og:description\" content=\"The nation\u2019s real estate market remains moribund following the pandemic. 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