Jakarta strata-title apartment asking price inches up by 0.4% in Q3

Developers are aiming to deplete remaining stock.

According to data from Colliers, the average asking price of strata-title apartments in Jakarta increased by 0.1% QOQ and 0.4% YOY to IDR35.7 million/sq m. 

Developers continue to implement proactive promotional strategies, such as offering free furnishing vouchers, additional price discounts, reduced booking fees, and hosting exhibitions, along with leveraging the VAT incentive. These efforts aim to deplete remaining stock while keeping prices attractive.

Here’s more from Colliers:

We believe the Jakarta apartment market is on a promising trajectory, underpinned by a slow increase in supply and sales being driven more by end-users than investors or speculators, which is more sustainable in the long term. The combination of the extended VAT incentive and lower interest rates is expected to positively impact the apartment market, with the effects likely becoming more apparent by the end of 2024 and into early 2025, driven by strong end-user demand, particularly for existing projects.