Jakarta apartment supply increases 1.8% to 230,047 units in 2024 | Real Estate Asia
, Indonesia

Jakarta apartment supply increases 1.8% to 230,047 units in 2024

The CBD area was the biggest driver of growth.

Although no new apartment launches occurred in the final quarter of 2024 in Jakarta, several projects advanced to the handover phase, with most units delivered in December. Accoridng to data from Colliers, this resulted in an increase of 3,232 units in Jakarta’s apartment supply, representing a 1.4% QOQ or 1.8% YOY increase to 230,047 units.

The growth was driven by contributions from the CBD area, which accounted for 1,106 units, followed by East Jakarta with 1,087 units, and South Jakarta with 1,039 units.

Here’s more from Colliers:

Several developments have fallen short of the expectations set at the beginning of the year. Weaker sales performance has led to slower construction progress, causing delays in project timelines. As a result, 23% of the units initially planned for completion in 2024 have been pushed back to 2025. This has significantly impacted annual supply, which is now 26% lower than in 2023.

In the next three years, we expect the completion of 5,569 units, with a significant 76% of these units concentrated in South Jakarta, a prominent area where development is thriving and remains in high demand. Notably, no new supply is anticipated from the CBD area in the upcoming two years. This concentration of new supply in South Jakarta will likely intensify competition within the area, while the lack of new developments in the CBD area may further emphasize its exclusivity of high-quality options in this prime location.

Furthermore, 43% of the new supply is targeted toward the middle-class segment. Annually, the project launch in 2024 has stayed relatively similar to 2023, with only 2-3 projects introduced in both years. Therefore, the overall market appears to be in a plateau phase, even after the election period.

Tempered new launches would mean a tempered take-up rate given the size of unsold units, particularly from under-construction projects. We believe that the substantial number of unsold units is constricting developers from launching new projects. As of now, the total unsold units are about 27,000 units, of which 55.6% are from under-construction projects.

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