Facing economic challenges and in view of the growing demand for landed houses, the property market in Jabodetabek, including the condominium, retail, landed housing, office, hotel, rental apartment, and industrial sectors, is exhibiting various dynamics that need to be considered in the 2025 projections.
Based on the latest data, the lower-middle condominium sector, with a selling price of below Rp 15,000,000/m2, has experienced significant growth over the past ten years. In DKI Jakarta, the price per m2 for Rusunami ranges from Rp 10,965,878 to Rp 11,785,805, depending on the location, in accordance with the Governor of DKI Jakarta's Decree. Although this market has been hindered by economic uncertainty and limited land availability since 2018, the demand for housing continues, as reflected in the increase in occupancy rates for subsidized (77%) and non-subsidized (62.4%) units. Property development is also following the growth of transportation infrastructure, such as KRL stations, LRT, and toll road access, which further enhances the appeal of these areas.
As one of the world's leading real estate service companies, Cushman & Wakefield will review the property market conditions for 2024 and projections for 2025, as well as analyze the market trends of lower-middle condominiums in Jabodetabek: the 1 Million Vertical Housing Program, in a press conference on Tuesday, December 17, 2024, by presenting Arief Rahardjo, Director of Strategic Consulting of Cushman & Wakefield.
