{"id":34465,"date":"2023-06-22T12:00:55","date_gmt":"2023-06-22T05:00:55","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=34465"},"modified":"2023-07-24T18:55:57","modified_gmt":"2023-07-24T11:55:57","slug":"a-g20-nation-is-ready-to-take-on-the-world","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/a-g20-nation-is-ready-to-take-on-the-world\/","title":{"rendered":"A G20 nation is ready to take on the world"},"content":{"rendered":"

On the brink of a political transition, Indonesia flexes resilience to withstand internal and external economic pressures<\/p>\n

\"\"
Stimulus policies under President Joko Widodo have boosted optimism in the property market. AndreasH\/Shutterstock<\/figcaption><\/figure>\n

At the 2022 G20 summit in November, leaders of the world\u2019s most systemically important economies took stock of its host country Indonesia.<\/p>\n

From Bali, demagogues and democrats got a closer look at an economy that is a world unto itself: a 274-million-strong nation ready to have a seat at the table.<\/p>\n

The rupiah in January posted its best performance in over two years as neighbouring currencies like the peso, ringgit, and rupee underwhelmed. The consumer price index inflation also stood at a lower-than-forecast 5.5 percent at the end of 2022.<\/p>\n

These positive developments give businesspeople a \u201cbreath of fresh air,\u201d says Marine Novita, country manager of leading property site Rumah.com. \u201cHopefully this positive trend will continue and make the national property market more relaxed after the pandemic.\u201d<\/p>\n

Around 56 percent of the total property searches on Rumah.com have been for homes above IDR1 billion (USD65,600). \u201cThis means that consumer purchasing power is still maintained,\u201d says Novita.<\/p>\n

Despite an expected, holiday-driven stagnation in the fourth quarter of 2022, the site\u2019s residential property price and supply indices registered moderate annual increases of 5.8 percent and 6.8 percent, respectively. Although it dropped significantly in the three months to the final quarter, the demand index had risen yearly by nine percent in Q3 2022.<\/p>\n

\"\"<\/p>\n

Stimulus policies under President Joko Widodo have boosted optimism in the property market. Introduced in 2021, the easing of the loan-tovalue ratio (LTV), which allowed consumers to apply for mortgages with a downpayment of zero percent, has been extended until the end of 2023.<\/p>\n

\u201cBut based on our observations on the ground, this policy has had little impact on apartment sales thus far,\u201d reports Ferry Salanto, senior associate director for research at Colliers Indonesia. \u201cBanks have their own policies regarding nonperformance loan risks.\u201d<\/p>\n

The Value Added Tax Borne by the Government (PPN DTP), which ended in September, is more sorely missed. Consumers surveyed by Rumah. com in H2 2022 lauded the policy that waived the VAT on home purchases and resulted in discounts of up to 50 percent. Developers were able to move their inventories during the policy run and even launch new clusters or landed residential complexes as a result.<\/p>\n

\u201cAs we have seen in the past two years, the tax exemption provided a positive impact on the market,\u201d says Vivin Harsanto, head of advisory and senior director at JLL Indonesia.<\/p>\n

The tax waiver stimulated landed housing, which represented 92 percent of total residential searches on Rumah.com in Q4 2022. Driven by end users, prices in the landed residential sector have remained stable, with developers choosing to offload inventory before price increments, reports JLL Indonesia. Sales rates have remained healthy across various locations and grades of landed properties.<\/p>\n

\u201cThe stability of the land prices is the ability of the developer to be able to sell and absorb the demand,\u201d says Harsanto.<\/p>\n

Condominiums have underperformed in comparison. No new apartment projects were launched in Q4 2022 as developers exercised restraint due to low sales volumes. Condo prices remained flat. Primary units stood unsold. \u201cVertical residential is still in the bottom cycle and might be staying there a little bit longer,\u201d says Harsanto. \u201cLocal buyers, predominantly individual investors targeting attractive capital gains and recurring income, continue to take a wait-and-see approach.\u201d<\/p>\n

The 2024 elections are set to magnify that cautious mood. As the world\u2019s third-largest democracy prepares to go to the polls, developers are pacing to obtain permits for their projects.<\/p>\n

\u201cFor the buyers, this is the time to push through in terms of decision-making, acquisitions, and so forth to avoid any change in regulation next year,\u201d says Harsanto. \u201cCome the election in the first quarter of next year, there will be some wait-and-see on who\u2019s going to be in the administration. It would probably take a few months to adjust to that.\u201d<\/p>\n

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President Widodo has implemented an extensive programme of transport infrastructure improvements. CreativaImages\/Shutterstock<\/figcaption><\/figure>\n

Constitutionally forbidden from running for a third term, President Jokowi leaves behind a trail of infrastructural accomplishments. On the sidelines of the summit, the premier and Chinese President Xi Jinping watched a trial run of the forthcoming Jakarta-Bandung highspeed railway, being built by the Indonesian-Chinese venture PT. Kereta Cepat Indonesia China (KCIC).<\/p>\n

Jokowi vows to \u201ccontinue to build and develop train infrastructure\u201d in the final year of his premiership. The initial phases of the LRT and MRT lines have been well received, providing an effective workaround to Jakarta\u2019s well-known traffic jams. Meanwhile, the Trans-Sumatra and Bali Mandara toll roads have positively impacted the 17,500 islands\u2019 economic corridors.<\/p>\n

\u201cRight now, we\u2019re seeing that the residential high-rises that have still managed to perform well are those along the commuter lines,\u201d says Harsanto. \u201cThat indicates the preference of home buyers or end users to be convenient to travel.\u201d<\/p>\n

The outlying Nusantara, Jokowi\u2019s new capital for the archipelago, has gained traction from some developers. \u201cWe are yet to see the impact,\u201d says Harsanto, adding that the shift to Nusantara will likely begin around early 2024.<\/p>\n

While the corollaries of Nusantara are taking time to be felt, monetary policies are set to have a more instantaneous effect on residential purchases and investments in 2023.<\/p>\n

The landed residential industry has always been one of the most resilient sectors in Indonesia, even during the Asian financial crisis and the global financial crisis. Although we\u2019re not as bullish as we used to be, we\u2019re still positive<\/p><\/blockquote>\n

With high energy subsidies keeping inflation low, Bank Indonesia had been able to hold the 7-day reverse repo rate at 3.5 percent for 18 months through August. The benchmark interest rate has since risen several times, hitting 5.75 percent in January.<\/p>\n

\u201cIn terms of buyers, we believe that before they purchase more than two mortgages at the current higher interest rate, they will think twice,\u201d reports Salanto.<\/p>\n

The interest rate hikes are expected amid global inflationary pressures, which could compound construction costs if developers derive a lot of the materials abroad. In the face of a full-blown recession, developers are expected to accommodate buyers with smaller units or more affordable, flexible payment terms as they did during the height of the pandemic.<\/p>\n

\"\"
Widodo will end his second term as President in 2024. Vectoniverse\/Shutterstock<\/figcaption><\/figure>\n

\u201cThe landed residential industry has always been one of the most resilient sectors in Indonesia, even during the Asian financial crisis and the global financial crisis,\u201d says Harsanto. \u201cAlthough we\u2019re not as bullish as we used to be, we\u2019re still positive about the landed residential sector.<\/p>\n

\u201cI am hoping the landed residential market will remain strong and resilient as this would create organic growth and create demand for more commercial products,\u201d she adds.<\/p>\n

Indonesia has latitude for strength and resilience since it continues to produce enormous amounts of commodities such as palm and coal, now experiencing record demand and price surges. The world\u2019s largest nickel-producing country last year attracted LG to establish a USD9-billion battery value chain, designed to wean the company\u2019s reliance off Chinese raw materials. Another South Korean company, Hyundai Motor, built its first manufacturing plant in the country.<\/p>\n

The automotive industry, along with third-party logistics, fast-moving consumer goods (FMCG), electronics, and retail occupiers, hoists demand high for modern logistics warehouses in Greater Jakarta, which covered 2.3 million square metres in 2022, according to JLL Indonesia. Industrial land sales in 2022 totalled almost 213 hectares, the largest since the pandemic began, according to Colliers Indonesia.<\/p>\n

\"\"
Formerly hard-to-access residential markets like Sumatra have come into play due to new roads.<\/figcaption><\/figure>\n

\u201cThe industrial sector is still promising for industrial estate developers as its sales performance continues to show an upward trend,\u201d reports Salanto. \u201cThis sector had demonstrated its resilience during the pandemic, which was difficult for other property sectors to do.\u201d<\/p>\n

In 2022, the Indonesian GDP grew by 5.31 percent, the nation\u2019s best economic performance since 2013. However, the wealth per capita in the newly industrialised country still leaves a lot to be desired. Income inequality is pervasive. The housing backlog is colossal, too, affecting 12 million families.<\/p>\n

But youth is on Indonesia\u2019s side. Around 40 percent of the populace, representing 88 million people, are 20 to 44 years old: a good foundation for the labour force. \u201cThey are the target market for the residential property sector,\u201d says Novita. \u201cThe opportunity for the property market is still dynamic amid the threat of recession.\u201d<\/p>\n

Tipped to become the next economic superpower, Indonesia has arrived on the world stage.<\/p>\n

This article was originally published on\u00a0asiarealestatesummit.com<\/a>. Write to our editors at\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

On the brink of a political transition, Indonesia flexes resilience to withstand internal and external economic pressures<\/p>\n","protected":false},"author":9,"featured_media":34468,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[97,92],"tags":[154,235,638],"class_list":["post-34465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazine","category-news","tag-indonesia","tag-politics","tag-real-estate","news_country-indonesia","news_author-al-gerard-de-la-cruz"],"acf":[],"yoast_head":"\nA G20 nation is ready to take on the world | 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\/a-g20-nation-is-ready-to-take-on-the-world\/\" \/>\n<meta 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