{"id":4066,"date":"2019-09-17T08:57:37","date_gmt":"2019-09-17T08:57:37","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=4066"},"modified":"2021-06-04T14:39:31","modified_gmt":"2021-06-04T07:39:31","slug":"indonesia-eyes-second-term-benefits-to-property-sector","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/indonesia-eyes-second-term-benefits-to-property-sector\/","title":{"rendered":"Indonesia eyes second-term benefits to property sector"},"content":{"rendered":"

Although Indonesia\u2019s property sector has fallen on less productive times in recent years, real estate insiders believe that the re-election of President Joko Widodo will promote a form of continuity that will bring future benefits<\/p>\n

\"\"
Aerial view of the Semanggi intersection in Jakarta, Indonesia. Creativa Images\/Shutterstock<\/figcaption><\/figure>\n

Bagus Adikusumo knows a thing or two about skirting Jakarta\u2019s legendary traffic jams.<\/p>\n

Since the March opening of the mass rapid transit (MRT)\u2014Indonesia\u2019s first\u2014the Colliers Indonesia executive has halved his commute times. \u201cIf I have to go to areas that are not too far, I just take the MRT instead of taking my car, and the driver will go and pick me up there,\u201d says the consultancy\u2019s senior director for office services.<\/p>\n

The 15.7-kilometre-long subterranean line, which has sent land prices along its stations soaring by as much as 20 percent, had been one of then-outgoing President Joko \u201cJokowi\u201d Widodo\u2019s parting gifts to his constituency of 264 million\u2014until his triumph in the May polls gave him another stab at the premiership, that is.<\/p>\n

Jokowi\u2019s second term makes him both forebear and heir of a residential property market far removed from the boomtimes of 2011 to 2014. Sales have been challenging at the top end of the market.<\/p>\n

\u201cCondominium prices in the luxury segment have remained relatively flat for some time in the face of weak demand,\u201d reports James Taylor, head of research for JLL Indonesia. \u201cThe middle and lower segments have seen some moderate increases\u2014still a far cry from the growth witnessed between 2010 and 2014. A recovery in headline sales figures would support price growth in the primary market, although this is unlikely until the second half of 2019.\u201d<\/p>\n

\"\"
Jakarta\u2019s new MRT has been a godsend for commuters in a city that is notorious for its hellish traffic. Unsurprisingly, the cost of land along the line has risen sharply as companies vie for a premium location. Kadek Bonit Permadi\/Shutterstock<\/figcaption><\/figure>\n

In better days, newly launched apartment products would \u201ceasily\u201d sell 30 to 50 percent of units during the design stage, observes Adikusumo. Nowadays, it is not unusual to see sales of just five to 10 percent, leaving a glut of units.<\/p>\n

High bank borrowing costs, galvanised by a benchmark interest rate that soared to six percent in early 2019, brook no appeal for some investors. \u201cThis is what\u2019s strange about the property market in Jakarta: you borrow money from the bank, and you tend to pay double-digit interest. Yet your yield is only seven to eight percent,\u201d says Adikusomo. \u201cWe have to change negative leverage to positive leverage. Jokowi has to talk to all those banks and reduce the interest rate.\u201d<\/p>\n

Transactions have been frosty at the luxury end of the primary market, with purchasers snubbing off-plan units for resales. \u201cThe ones with money are very careful about spending. If they are targeting the luxury units, they\u2019re looking for discounted luxury units from the secondary market,\u201d points out Adikusumo.<\/p>\n

Now Jokowi is coming to the succour of the market by walking back his renowned levies on luxury property sales. In November, the finance ministry let slip that it would lower the tax rate of five percent on luxury property sales to one percent.<\/p>\n

A few years ago, Jokowi had imposed a luxury tax of five percent on buyers of properties above IDR5 billion (USD351,000) and a luxury tax of 20 percent for those above IDR20 billion. With the property market spluttering, these taxes have come under review.<\/p>\n

More:\u00a0Inside Indonesia\u2019s struggle to move its capital<\/strong><\/a><\/p>\n

Residential properties below IDR1.5 billion are performing best, according to Doddy Tjahjadi, head judge of the PropertyGuru Indonesia Property Awards. Apparently, Jokowi\u2019s populist housing policies have provided grist for end-user demand. Downpayments on purchasing apartments, for instance, have been drastically reduced from 30 percent to as low as five percent. The mortgage barrier has also extended from 10 to 25 years.<\/p>\n

\u201cBanks can loan up to 90 percent in many cases. If you need your first property, now is the time to buy,\u201d says Tjahjadi, who also serves as managing director of Jakarta-based design firm PTI Architects. \u201cThe government has given a lot of leniency for first-home buyers to create a movement in the property market. But movement from those seeking high-end, second homes for investment is a bit slow.\u201d<\/p>\n

Rental yields for affordable and mid-range homes have ranged between six and seven percent since 2016, while their capital gains range from five to seven percent per annum.<\/p>\n

While no cruising altitude, Indonesian economic growth stood at 5.2 percent in 2018, aided in part by strong consumption and Jokowi\u2019s infrastructure programmes. The petroleum price downturn has caused the islands\u2019 sizable young workforce to move on to gainful employment in the telecommunications and technology industries.<\/p>\n

Millennials or individuals born between 1982 and 1997 have expressed interest to buy a home in Indonesia over a six-month period this year, according to surveys conducted by leading Indonesian property portal Rumah.com between December and January.<\/p>\n

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Property markets just outside greater Jakarta such as Bandung are heating up as Indonesian property seekers indulge their passion for investing in land. Akhmad Dody Firmansyah\/Shutterstock<\/figcaption><\/figure>\n

Observers say that workers with a salary of IDR4 million to IDR7 million per month will be able to afford middle- to low-end apartments with prices like IDR300 million to IDR500 million per unit. Many will pay for the apartment unit for up to 20 years by instalment.<\/p>\n

Yet landed home is still king in Indonesia, especially for property seekers in second-tier markets outside Jabodetabek (Greater Jakarta), which have been benefiting from a combination of infrastructure schemes and explosive population growth. Like Jakarta, the Javan city of Bandung has an MRT project underway. With the right pricing strategy, landed home developers are bound to benefit from improving market sentiment upon the transit project\u2019s completion.<\/p>\n

\u201cIndonesians in general love to invest in land because they know it appreciates over time. If I were the investor, I would buy land close to the special economic zones,\u201d says Adikusumo, recommending KEK (Kawasan Ekonomi Khusus) Mandalika, an ecozone in central Lombok.<\/p>\n

In Jokowi\u2019s first term as the president, he had to negotiate with many political interests. But for his second term, I think he will try to build his legacy to build a better and stronger Indonesia<\/span><\/span><\/p><\/blockquote>\n

While foreigners are still constitutionally forbidden to purchase freehold land in Indonesia, they have been able to buy lots, since 2015, under the hak pakai or \u201cright to use\u201d title. This grants them ownership of landed homes, no bigger than 2,000 square metres, for at least 30 years and up to 80 years. The allure to foreigners, however, remains minimal.<\/p>\n

\u201cPsychologically, hak pakai is not good as hak guna bangunan (HGB), the other land title that mostly Indonesian people and companies use. The government will have to change hak guna bangunan to hak pakai in order to attract foreigners and send a message to Indonesian citizens that hak pakai is just as good as hak guna bangunan. That\u2019s easier than giving foreigners HGB land titles,\u201d says Adikusumo.<\/p>\n

In his victory speech, Jokowi vowed to cut bureaucratic red tape in Indonesia, a nation ranked 73rd in the world for ease of doing business by the World Bank. The move would expedite the entry of foreign developers, whose ability to complete projects even on sales of just 10 to 20 percent is sorely lacking in the local market, analysts say.<\/p>\n

\"\"
Indonesia watchers say that the re-election of President Joko Widodo will be good for continuity in the country. fiki j bhayangkara\/Shutterstock<\/figcaption><\/figure>\n

Jokowi\u2019s infrastructure spending spree does not end with the MRT. Soon it will be joined by a light rail transit (LRT) line, poised to be up and running by December. \u201cThe LRT and MRT projects are of particular interest to residential developers, and a number of projects with access to these transport corridors are already in the pipeline,\u201d states Taylor.<\/p>\n

Whether or not Jokowi\u2019s electoral rival, former general Prabowo Subianto, would have hypothetically made for a more qualified leader, the incumbent premier\u2019s re-election is widely seen to sap uncertainty from the market. \u201cConfidence level is coming back next year. Jokowi will implement a lot of things that has been lacking in the last five years,\u201d says Adikusumo.<\/p>\n

Tjahjadi adds, \u201cIn Jokowi\u2019s first term as the president, he had to negotiate with many political interests. But for his second term, I think he will try to build his legacy to build a better and stronger Indonesia.\u201d<\/p>\n

This article originally appeared in Issue No. 155<\/a> of PropertyGuru Property Report Magazine<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Insiders believe that the re-election of President Joko Widodo will promote a form of continuity with benefits<\/p>\n","protected":false},"author":8,"featured_media":20282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[81,97],"tags":[154,158,500],"class_list":["post-4066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-depth","category-magazine","tag-indonesia","tag-jakarta","tag-jokowi","news_country-indonesia","news_author-al-gerard-de-la-cruz"],"acf":[],"yoast_head":"\nIndonesia eyes second-term benefits to property sector | 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\/indonesia-eyes-second-term-benefits-to-property-sector\/\" 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