Market Outlook 2021 Indonesia Property Market Outlook 2021

Rumah.
com
Indonesia Property
Market Outlook 2021

Introduction
2020 has been a dynamic year as well as a test of As of the third quarter of 2020, the price
perseverance for national property industry component of the Rumah.com Indonesia Property
players. Initially hyped as a year of recovery, the Market Index (RIPMI-H) rested at 111.2, a year-on-
optimism faded in the face of the unfolding COVID- year drop of 0.6% and the first stumble in five
19 pandemic. However, clear signs of recovery were years of price as computed on an annual basis
evident by year end. (YoY).
On a quarterly basis, however, the third quarter

was a step in the right direction, with the RIPMI
Price Index up by 0.53%. This was a positive sign,
especially following a second quarter drop of
0.34%.
Positive trends were similarly reflected in the

supply component of the Rumah.com Indonesia
Property Market Supply Index (RIPMI-S), as of
year-end. The supply index in the third quarter of
2020 reached 144.7, or a 24.9% yearly increase
(YoY) and the highest level seen during the
previous five-year period. However, reasons for
concern were already present by the first quarter
of 2020, when the supply index dropped by 7%
with the onset of the pandemic.
Rumah.com Indonesia Property Market Outlook 2021

2020: The year in review
Price index drops for the first time in five years Connectivity and price are the main considerations
However, the quarterly rise was a positive sign showing that for purchasing property in 2021
the national property market is getting back on track.
Distance from the city center is no longer the main concern, as
long as the commute is easy and less traffic. Property searchers
Indeks harga nasional (Year-on-year) will target areas near the new toll roads or mass transportation
routes. Here are the districts most affected by the infrastructure
development in 2020:
110
Q3 2020 price Median price
District City
-0.55% index (YoY) (per sqm)
105 Year-on-year Cipondoh Tangerang City 14% Rp15,925,925
South
Serpong 12% Rp12,000,000
Tangerang
100
South
Q3 2017 Q3 2018 Q3 2019 Q3 2020 Pamulang
Tangerang
19% Rp9,500,000
Sawangan Depok 36% Rp9,836,066
Limo Depok 4% Rp9,139,785

Property Demand in 2021
Cinere Depok 3% Rp13,333,333
Beji Depok 5% Rp10,546,875
Cimanggis Depok 9% Rp10,248,804
Bantar Gebang Bekasi 13% Rp6,388,889
As many as 3 of 5 respondents to the Rumah.com Consumer Cibitung Bekasi 1% Rp5,910,448

Sentiment Survey say they’ll postpone property transactions --
North Tambun Bekasi 12% Rp6,416,667
yet they intend to resume the process in the immediate future.
Babelan Bekasi 2% Rp5,583,333

Contents
1 Looking back at 2020
2 Key trends in 2021
3 Big property bets in 2021
4 Should you buy or sell property in 2021?
5 Conclusion

Looking Back
at 2020
Looking back at 2020
National price index

100
80
60
40
20
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
National supply index

150
100
50
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

First quarter of 2020:

beginning of the pandemic
A sense of optimism pervaded the property

industry going into 2020, with the sentiment
clearly linked to the government’s focus on
facilitating property ownership. After
implementing policies for the low-to-middle
income segment with subsidized homes and
programs like the Housing Financing Liquidity
Facility (FLPP), and Million Homes program, the
government switched its focus to the middle-to-
high market. The new aim was to stimulate
investment through a relaxation of luxury tax
(PPnBM) as well as Loan To Value (LTV) relaxations
for purchases of second or third homes. These
policies came into effect at the end of 2019.

However, the optimism soon cooled due to the Meanwhile, supply was down, as with other regions
pandemic spreading throughout the world and of Indonesia. For West Java, the RIPMI-S for the
affecting Indonesia since March. The impact of the quarter was 102.6, or a drop of 95.5% quarter-on-
pandemic on the national property market was quarter and 10.9% year-on-year. The fall off of
reflected in a drop in the property supply during supply was spread evenly throughout the region.
the first quarter of 2020. As developers held back Quarter-on-quarter, for example, Bogor was down
from new property launches, supply dropped by 8.3%, while Bekasi dropped 4.3%.
significantly (RIPMI-S down by 5.4%) while prices
rose (RIPMI-H up by 0.3%). In a normal year, by
contrast, supply usually goes up in the first
quarter.
Price wise, West Java seemed to be the most

resistant to the effects of the COVID-19 pandemic.
For West Java, the price component of the
Rumah.com Indonesia Property Market Index
(RIPMI-H) for the first quarter of 2020 was 118.2, up
3.3% quarter-on-quarter and 7.5% year-on-year.

Q1 2020 price and supply index of Java and Bali

240 Price Index
200 Supply Index
160
120
80
40
0
DKI Jakarta Banten Jawa Barat Jawa Tengah DI Yogyakarta Jawa Timur Bali
Q1 2020 price index QoQ YoY Q1 2020 supply index QoQ YoY
DKI Jakarta -1.34% 0.55% DKI Jakarta -4.23% 2.08%
Banten 0.65% 6.01% Banten -3.35% -3.94%
Jawa Barat 3.32% 7.55% Jawa Barat -4.56% -10.86%
Jawa Tengah 0.00% -0.86% Jawa Tengah -2.97% -0.74%
DI Yogyakarta 8.94% 13.84% DI Yogyakarta -14.81% -23.05%
Jawa Timur -5.13% -5.61% Jawa Timur -10.04% -15.61%
Bali -2.59% -0.61% Bali 34.55% 77.89%

Second quarter of 2020:

new normal
The COVID-19 pandemic was starting to be taken

seriously in the second quarter of 2020. The first of
the government’s Large Scale Social Restriction
(PSBB) interventions came in April. This quarter hit
the national economy hard. The government
restricted almost all activities of business and
offices, except activities deemed related to
essential needs.
The RIPMI-H (price) for the second quarter hit 110.6,

a 1.7% drop from the previous quarter. On a yearly
basis, the price index for this quarter was up by
2.3%, yet it remained below 5%, the yearly
average since 2018.

By the third quarter of the year, developers and

property suppliers seemed more optimistic about
the new market, as shaped by the pandemic. As of
this quarter, suppliers began to put more homes
on the market. This can be seen from the increase Adapting to the new normal went
in available supply between the second and third
smoothly. A number of developers
quarters, as reflected in the supply component of
the Rumah.com index (RIPMI-S).
were able to record profits, while
some even went ahead with launch
The RIPMI-S for the second quarter of 2020 closed
of new residential projects. That
at 131.6, or a 20.8% increase compared to the
previous quarter. This rise in the second quarter explains the increased property
seems to be a compensation for supply which was supply in this quarter.
held back in the previous quarter. The supply
occurred in numerous large supplying provinces,
such as West Java with an increase of 22.3%, DKI
Jakarta (13%), Banten (18.5%), and East Java
(33%).
Marine Novita
Country Manager
Rumah.com


200 Price Index
Supply Index
160
120
80
40
0
DKI Jakarta 1.82% 1.82% DKI Jakarta 13.08% 43.74%
Banten -1.86% -1.86% Banten 18.49% 44.24%
Jawa Barat -0.93% -0.93% Jawa Barat 22.32% 22.80%
Jawa Tengah -2.43% -2.43% Jawa Tengah 30.88% 34.45%
DI Yogyakarta 6.24% 6.24% DI Yogyakarta 22.38% -8.65%
Jawa Timur -1.08% -1.08% Jawa Timur 33.40% 11.40%
Bali 1.02% 1.02% Bali -19.48% 41.82%

Third quarter of 2020: optimism

increased in the property sector
Gains in the Rumah.com Indonesia Property Market

Index (RIPMI in respect of the quarterly price for
the third quarter reflect the promise of recovery in
the national property industry. Meanwhile, the
property consumers care mostly about ‘value for
money’, and are most interested in properties in
integrated residential areas or established
residential areas.
Entering the fourth quarter of 2020, an increase in

supply in key regions such as Central Java, Banten
and East Java was interpreted as optimism on the
part of developers and a hint of market recovery.

The RIPMI Price Index) in the third quarter of 2020 RIPMI-S (supply) in the fourth quarter of 2020
reached 111.2, up by 0.5% quarter-on-quarter. The showed a positive trend [in line with] increases over
rise in national RIPMI Price Index in this quarter was the two previous quarters. The index was at 144.7,
caused by the increase of property supply in big up 9.9% for the quarter and 24.9% for the year.
regions, such as Central Java, Banten, and East
Java.


240 Price Index
200 Supply Index
160
120
80
40
0
DKI Jakarta 1.43% 1.88% DKI Jakarta 5.26% 17.83%
Banten 1.14% 0.09% Banten 11.07% 28.10%
Jawa Barat 3.25% 5.68% Jawa Barat 12.27% 31.68%
Jawa Tengah 2.67% -2.12% Jawa Tengah 15.23% 54.17%
DI Yogyakarta 0.00% 24.51% DI Yogyakarta -0.53% -11.58%
Jawa Timur 1.75% -5.86% Jawa Timur 13.30% 23.57%
Bali 3.14% 1.19% Bali 10.10% 31.61%

Key trends that
will impact 2021

Key trends that will impact 2021
Connectivity become the main

selling point
President Joko Widodo’s focus on infrastructure as

the key to developing the national economy will
carry over into 2021. For 2021, the State Budget is
Rp413.8 trillion, up 47.2% from the 2020 budget of
Rp281.1 trillion (after adjustments for the
pandemic).
Infrastructure spending for 2021 was to account for

24% of the budget as a whole, the third largest
expense after education and social security. It is
hoped that new infrastructure projects will help aid
economic recovery, as well as providing basic
services and improving transport connectivity.
Better infrastructure connectivity means more

efficient routes for goods and services. The Trans
Java toll road, for example, reduces travel time by
car between Jakarta and Surabaya (800km) to 10-
12 hours, instead of around 20 hours previously.

In Jabodetabek, road infrastructure

development focuses on improving
2021 State Budget (APBN)
connectivity between DKI Jakarta and Education
satellite areas like Bogor, Depok, Social Protection
Tangerang and Bekasi. The aim is to Infrastructure
support cross-region business activities,
Health
as well as making life easier for people
Food Security
who commute.
ICT Development
Tourism
As an example, the 40 km Serpong-
0 5 10 15 20 25 30 35
Balaraja Toll Road will connect Jakarta
with areas immediately to the west. The
road links the municipality of South Infrastructure budget in APBN
Tangerang (e.g., Serpong) with
500
Tangerang recency, which is known as
423.3* 413.8
an industrial region. Meanwhile, the 400
381.2 394.0 394.1
haipuR noillirT
Jakarta-Cikampek II Toll Road was
300
developed to reduce the load on the 269.1
Jakarta-Cikampek I Toll Road and 200
provide a dedicated route for

100
commuters, free from most industrial
traffic. 0
2016 2017 2018 2019 2020 2021
*budget adjustment due to the pandemic: Rp281.1 trillion

Plans for road infrastructure development to improve connectivity

in the Jabodetabek region
Meanwhile, the Cinere-Serpong toll road links A number of sub-districts in Tangerang Selatan
Depok -- immediately to the south of South which are located near the Cinere-Serpong Toll
Jakarta – to Tangerang Selatan, another satellite Road also showed increases, such as Pondok Cabe
area, via a relatively seamless route. Cinere- (6%), Serpong (12%), and Pamulang (19%).
Serpong will also be connected to the Serpong-
Kunciran-Cengkareng toll road, which facilitates
access to Sukarno-Hatta Airport. Going in the
opposite direction, Cinere links up with Bekasi JORR 2 section ready to
through the Cinere-Cimanggis-Cibitung-Cilincing-
operate in 2020
Tanjung Priok Toll Road.
This connectivity also directly affects the property Section Ready to operate on
development in satellite areas. RIPMI-H showed an Depok-Antasari Section 2 3 July 2020

increase in areas serviced by toll roads, such as Cimanggis-Cibitung Section 1 10 November 2020
Depok. During the third quarter of 2020, when the
Cibitung-Cilincing Section 2 December 2020
price index for Depok fell by 2.62% yearly, Depok
sub-districts immediately adjacent to the toll roads Serpong-Cinere Section 1 December 2020
actually rose, such as Cimanggis (up 9%), Limo (up Cengkareng-Kunciran December 2020
4%), and Cinere (up 3%). Meanwhile, Cinangka in
Sawangan sub-district, rose by an impressive 35%.

Areas affected by the JORR 2

development plan
Median
Q3 2020 Price
District City Price (per
Index (YoY)
sqm)
Tangerang
Cipondoh 14% Rp15,925,925
City
South
Serpong 12% Rp12,000,000
Tangerang
South
Pamulang 19% Rp9,500,000
Tangerang
Sawangan Depok 36% Rp9,836,066
Limo Depok 4% Rp9,139,785
Cinere Depok 3% Rp13,333,333
Beji Depok 5% Rp10,546,875
Cimanggis Depok 9% Rp10,248,804
Bantar
Bekasi 13% Rp6,388,889
Gebang
Cibitung Bekasi 1% Rp5,910,448
Tambun
Bekasi 12% Rp6,416,667
Utara
Babelan Bekasi 2% Rp5,583,333

Transit Oriented Development (TOD) property becoming

increasingly popular
The Mass Rapid Transit (MRT) and Light Rail This move by Adhi Commuter followed the success
Transit (LRT) developments are still underway. The of state-owned Perumnas which, in collaboration
Jakarta, Bogor, Depok, Bekasi (Jabodebek) LRT with PT. Kereta Api Indonesia (KAI), previously
Development is approaching 80% completion. The developed TOD concept houses along the KRL
Transportation Ministry expects all civil route, namely Prasada Mahata Margonda (Depok),
construction of mainline routes to be completed by Prasada Mahata Tanjung Barat (South Jakarta),
year-end 2020. Meanwhile, as of October 2020, due and Prasada Mahata Rawa Buntu (South
to delays related to the pandemic, the second Tangerang).
phase of the MRT project was merely at a 10%
stage of completion. “In the past few years, DKI Jakarta’s urban
planning has grown rapidly. Public transportation
Regardless of the slow pace of development, the has become more convenient and connected, both
MRT, LRT and KRL Commuterline remain very in the city and surrounding areas, such as Bogor,
important to property buyers in Jabodetabek. Well Depok, Tangerang, and Bekasi. The public has
ahead of the time when the LRT will be fully begun to look at public transportation as
operational, state-owned Adhi Commuter is moving convenient and practical. This also affects property
ahead with apartment building developments purchases. People no longer mind being further
situated at stops along the route. As of 2020, the away from the center, as long as they are close to
company had commenced work on 10 LRT cities public transportation, such as KRL, TransJakarta,
throughout Jabodetabek. LRT or MRT

The government seems to be serious

about transportation infrastructure.
In turn, this creates the impression
that property located close to public
transportation has a bright future.
Marine Novita
Country Manager
Rumah.com

BI 7 Day Reverse Repo Rate KPR, KPA, and Bank Indonesia 7

Bank Indonesia cut the Bank Indonesia 7-Day Days Reverse Repo Rate interest
Reverse Repo Rate (BI7DRR) interest rate to 3.75% rate trends
on 19 November 2020. The decision was a follow-up
10
step to push the recovery of the national economy.
81-beF
81-rpA
81-nuJ
81-guA
81-tcO
81-ceD
91-beF
91-rpA
91-nuJ
91-guA
91-tcO
91-ceD
02-beF
02-rpA
02-nuJ
02-guA
02-tcO
KPA KPA BI7DRR

Cutting the BI7DRR signals concerns about inflation

and external stability, according to Rumah.com
country manager Marine Novita. If the BI7DRR rate
is kept where it is, or cut even further, in December,
we can expect the economic situation to be more We found that for 73% of those
stable in 2021,” she said.
responding to the Rumah.com
Consumer Sentiment Survey 2020,
Marine said that the BI7DRR rate cut would be
followed by a similar drop in KPR interest rates. As interest was the major concern for
of August 2020, 8.75% is the average of the those planning to buy or lease. KPR
mortgage rate since January 2019, while the
interest rates, which are lower will
average BI7DRR rate for the same period is 5.15%.
However, the KPR/KPA rate is not as dynamic as give consumers confidence to go
the BI7DRR: While the BI7DRR interest rate had ahead with plans to buy property.
fallen 25% by September 2020 compared to the
beginning of the year, the mortgage rate fell only
by around 5.3% for the same period.
Marine Novita
Country Manager
Rumah.com

Property searches increase in

satellite areas
Property search trends on the Rumah.com platform

continue show continued growth in search activity,
to rise despite the pandemic, , especially in thefor
the Jabodetabek arearegion.
Property searches in West Java in the third quarter

of 2020 increased by 88.8% compared to the
previous quarters. On a yearly basis, property
searches in West Java increased were up by 239%.
The most frequently search target in West Java

was Bekasi, where searches were up by 115%
quarter-on-quarter and 265% year-on-year. After
Bekasi, Bogor was the most popular in West Java,
with search activity up 94.3% quarter-on-quarter
and 275% year-on-year.
Meanwhile, property searches in Banten province

increased by 54.1% for the quarter and 171% for the
year. In Banten, the city attracting the most
interest was Tangerang City with searches up 64%
for the quarter and 174% for the year.

DKI Jakarta also saw an increase, albeit

not as large as West Java or Banten. Property Search Index of Bodetabek
Online property search activity for the
400
Capital region was up 59% for the
quarter and 143% for the year. 300
The popularity of Bogor, Bekasi, and 200

Tangerang City may be explained in
terms of new infrastructure development 100
and the perception that outlying areas

0
with more affordable prices aren’t “too
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
far,” as long as there is reasonable
transportation connectivity.
Tangerang Regency Tangerang City South Tangerang
Bekasi Bogor Depok
Q3 Property Search Index QoQ YoY
Tangerang Regency 42.3% 140.9%
Tangerang City 64.1% 173.5%
South Tangerang 43.9% 174.0%
Bekasi 115.2% 265.6%
Bogor 94.3% 274.6%
Depok 81.5% 186.2%

Key trends
Property
thatconsumer
will impact
trends
2021
Property Searches in Rumah.com based on Price
Smaller than 300 million
300 - 750 million
750 million - 1 billion
1 billion - 1.5 billion
1.5 billion - 4 billion
Greater than 4 billion
0 5% 10% 15% 20% 25%
Based on the price range, if combined, the amount In other words, property searches in Rumah.com
of total property searches in the under-Rp1.5 billion today come from middle and middle-high groups
range accounted for 61% of all searches on who do not take issue with the distance that may
Rumah.com. separate their property and the city center or
major business centers.

Demand expected to increase next year

Of those responding to the Rumah.com Consumer Sentiment
Survey, three out of five said they were postponing property
transactions. Not to worry, however, based on evidence, the
clear indication is that they will reengage in the market in 2021.
The main effect of the COVID-19 pandemic according to the

majority (60%) of respondents is the postponement of
property transactions. In addition, around 25% of respondents
indicated they would avoid areas flagged as red zones (high
COVID-19 case count).
The Large-Scale Social Restrictions (PSBB) had the result of

making people spend more time at home. Meanwhile, the
Rumah.com Consumer Sentiment Survey data showed that
34% of respondents are now more aware of the need to own a
house. The insight is that people’s attitudes toward their living
arrangements are changing and families now place more
value on owning a home that is suitable for spending long
periods of time, whether for work, study or other activities.

Our data shows several internal factors that shape As regards external factors, nearly all respondents
real estate purchases, with the type of property put importance on location (85%), while 60% also
rights (lease versus purchase) being the most took security into consideration. Just under half
significant. This factor was chosen by 63% of were incorporating the availability of public
respondents, followed by price (48%), and the facilities around the housing area (48%) and public
house’s facilities (41%). transportation (47%) into their decision.
Changing attitudes towards future property purchases

Own-stay
Investment
0 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60%
Impact of spending more time at home
Now I think more about owning a home
Now I want to renovate or repurpose certain

areas of my home
Now I am thinking about moving out of my

current location
I don't want to change anything, I'm just

feeling more grateful
0 10% 20% 30%

Important Factors Considered for Buying a Property - Internal
Tenure of the property (freehold or leasehold)
Price per sqm/sq ft
Facilities within the property
Design & construction
Size of unit
Subsidies or promotions
Readiness for occupation
Property type (i.e. landed, apartment,

mixed-use etc.)
House scheme/programs eligibility
Facing and view
Potential rental yield/Rentability
Layout
0 20% 40% 60%

Important Factors Considered for Buying a Property - External
Location of the home
Security & safety of the area
N/A
Amenities in the area*
N/A
Public transportation facilities in the area*
Future developments in the area
Maturity of area
Home loan/Financial eligibility
Future rental yield/expected appreciation of

the home
Real estate agent's recommendations
0 20% 40% 60% 80%
H1 2020 H2 2020 *New factor added in H2’20

Big property bets
in 2021
Big property bets in 2021
Price and connectivity will continue to drive

consumer decisions about whether or not to
engage in the property market in 2021. Distance to
the city center is no longer the main concern, as
long as the route is reasonable and traffic
congestion stays to a minimum. These
considerations help explain the popularity of
housing located in proximity to integrated
residential areas (planned communities), new toll
roads, and public transportation routes.
With that, Rumah.com analyzed a number of areas

predicted to be targets for consumers in 2021.

DKI Jakarta
The region with the brightest future in DKI Jakarta Large-scale integrated residential areas like JGC
is East Jakarta, due to prices which are the most enjoy middle-high tier public facilities such as
affordable of any quadrant of the city (also a shopping centers, hospitals, and schools. The RIPMI-
province). Today, the average price in DKI Jakarta H shows that the presence of these integrated
is around Rp27 million per square meter. residential areas has seen prices in Cakung go up
Meanwhile, the average price in East Jakarta is by 4% each year. Meanwhile, already-established
Rp16 million per square meter, or around 45% areas around JGC, e.g., Pulo Gebang, have shot up
lower. by 10% quarterly and 15% yearly.
Besides that, some areas in East Jakarta show

potential as “sunrise” area, meaning the first rays
have been seen but the real dazzle is still several
years down the road. New infrastructure
development and the emergence of integrated
areas have also begun to push prices up in some
areas.
The emergence of integrated areas are evidence of

the confidence that developers and suppliers have
as regards targeting higher-income consumers.
One such area is Jakarta Garden City (JGC) in
Cakung. Despite being an area avoided by many
as overly industrial and poorly planned, new
middle-high class houses are mushrooming in the
the 370 hectare district.

Q3 2020 price and supply index of cities in DKI Jakarta

Price Index
159.3
150 153.9
148.5 Supply Index
144.2
129.6
115.7 114.8
106.9 109.7
100 102.6
50
West Jakarta Central Jakarta South Jakarta East Jakarta North Jakarta
Top districts in DKI Jakarta

District City Price index (YoY) Median price (per sqm)
Cakung East Jakarta 28% Rp12,820,513
Cempaka Putih Central Jakarta 17% Rp22,480,620
Pulo Gadung East Jakarta 15% Rp18,823,529
Pesanggrahan South Jakarta 13% Rp18,750,000
Kebayoran Lama South Jakarta 11% Rp31,407,035

Bekasi
During the first quarter, Bekasi drove the West Finally, the distance between Jakarta and East
Java property price index. While other cities in Bekasi becomes no longer an issue once the
West Java showed an increase of no more than 2% connecting infrastructure is improved. For property
(QoQ), the property price index for Bekasi saw an searchers, both for residency or investment, East
increase of up to five percent for landed houses. Bekasi can become a suitable option.
Jatiasih and East Bekasi were the areas with the
highest increases.
West Bekasi, the district closest to DKI Jakarta, is

the area with the highest average property price
per square meter. While East Bekasi, the furthest
from DKI Jakarta, has the lowest.
For consumers, property prices in East Bekasi are

still pretty affordable and there is the promise
they will continue to climb in the future. This is
supported by the government’s efforts to tidy up
the situation for commuters through a number of
infrastructure projects, such as Bekasi-Cawang
LRT, various elevated roads, as well as the more
long-term Balaraja-Cikarang MRT project.

Price and supply index of Bekasi

160 Price Index
Supply Index
140
120
100
80
Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
Top districts in Bekasi

District Price index (YoY) Median price (per sqm)
Tarumajaya 13% Rp7,856,944
Jatiasih 10% Rp8,750,000
West Bekasi 8% Rp11,006,289
North Bekasi 7% Rp7,954,545
Jatisampurna 5% Rp10,000,000

Greater Tangerang
Tangerang and Cipondoh are among the sub- Meanwhile, Tangerang sub-district has become the
districts that show the most promise in the center of Tangerang City and enjoys full public
Tangerang City region in 2020. Based on facilities and complete infrastructure. There are
Rumah.com’s analysis, these two areas have access two KRL commuter line stations (the Tangerang
to public facilities and various options for public and Tanah Tinggi stations) providing direct access
and private transportation. to West Jakarta. The Tangerang sub-district also
provides easy access to the airport and the Jakarta
As far as malls, shopping centers, and middle-high outer ring toll road. This sub-district can even spoil
hospitals, to the extent they are lacking in its residents with five malls, including the famous
Cipondoh proper, residents have plenty to choose TangCity Mall and Lippo Karawaci.
from in adjacent West Jakara. Cipondoh also has a
reservoir and green space at Setu Cipondoh, which In addition, the Cinere-Serpong toll road, slated to
makes it ideal for property searchers who are begin operating at the end of 2020 or early 2021,
looking for a house away from the frenetic will lift surrounding areas such as Pondok Cabe,
atmosphere of the capital city. Serpong, and Pamulang.

Q3 2020 price and supply index of Greater Tangerang

Price Index
200 202.7 Supply Index
150
141.1
135
119.6 116.8 114
100
50
Tangerang City Tangerang Regency South Tangerang
Top districts in Greater Tangerang

District City Price Index (YoY) Median Price (per sqm)
Cipondoh Tangerang City 14% Rp15,000,000
Tangerang Tangerang City 10% Rp9,419,048
Cikupa Tangerang Regency 5% Rp8,484,848
Ciputat South Tangerang 4% Rp11,666,667
Serpong South Tangerang 4% Rp16,666,667

Depok
Property development in Depok in 2021 will center
Price and supply index
around these three areas: Cimanggis, Cinere, and
Sawangan. Again, new toll roads, namely the
of Depok
Cimanggis-Cibitung, Cimanggis-Cinere, and 140
Cinere-Serpong will be the main key factors.

Cimanggis and Sawangan will become new an
alternatives for house seekers in Depok, who have
120
always in the past focused gone directly to around
the Margonda area.
100
Top districts in Depok

80
Price Index Median Price
District
(YoY) (per sqm)
Sawangan 36% Rp9,836,066

60
Cimanggis 9% Rp10,248,804
7102 1Q
7102 4Q
7102 2Q
7102 3Q
8102 1Q
8102 2Q
8102 3Q
8102 4Q
9102 1Q
9102 2Q
9102 3Q
9102 4Q
0202 1Q
0202 2Q
0202 3Q
Limo 4% Rp9,139,785
Beji 5% Rp10,546,875
Cinere 3% Rp13,333,333 Price Index Supply Index

Should you buy or sell
property in 2021?
Should you buy or sell property in 2021?
For buyers
For property seekers, 2021 will generally still be a “buyer’s market”. Buyers will be served
various choices of the latest property with special offers, discounts, and an abundance
of gifts. However, the Rumah.com Property Market Index saw the price index rise
towards recovery. This indicates that the special offers, discounts, and gifts will continue
to reduce. With that, property seekers who are financially ready are encouraged to
make a purchase as soon as possible.
For sellers
The Rumah.com search data and the Rumah.com Consumer Sentiment Study showed
that property searches are still relatively high during the pandemic. Those who have
postponed their property purchase in 2020 are predicted to continue their purchase in
2021. Property purchases will still be dominated by seekers for residence. Consumers’
interests are still based on “value for money”. They also no longer take issue in houses
far from the city center, as long as they are supported with complete public facilities
and proper public transportation.

Conclusion
Conclusion
The Rumah.com Indonesia Property Market Index Connectivity and price will still be the main
saw a yearly decline in the price index (RIPMI-H) in attraction in the property market in 2021. Distance
the third quarter of 2020. The yearly drop in price to the city center will no longer be a main concern
index is the first in the past five years. However, the as long as the route is easy to take and traffic free.
quarterly increase can be seen as a positive sign of That’s why, areas around the integrated
the national property sector recovering. residential areas (planned community), new toll
roads, and public transportation routes are still the
The positive sign towards the end of the year can target for property consumers.
also be seen in the RIPMI-S, which reached a new
high in the past five years. For developers, the focus on developing new
projects should be directed at areas near
integrated residential areas or areas around public
transportation routes and new toll roads. The
combination between affordable prices and
convenient mobilization will become the main
attraction for consumers.
For consumers, 2021 will still be a buyer’s market,

where consumers are pampered with more choices
and affordable prices. However, these conditions
will not last long. The supplier’s optimism is starting
to recover and property prices are predicted to
gradually return to rise.

About Rumah.com
Rumah.com is a leading property portal in Indonesia
and a part of PropertyGuru Group, a leading
property technology company in Asia. PropertyGuru
Group is the favourite destination for 23 million
residential seekers in Singapore, Malaysia,
Indonesia, Thailand, and Vietnam. As a part of the
Group, Rumah.com helps property hunters in
Indonesia by providing wide-range of relevant
choices, thorough information, and solutions for
making confident decisions.
Rumah.com launched in 2011 and revolutionized

Indonesia property market by making it transparent
and accessible online. PropertyGuru Group
launched in 2007 and keeps growing from the
biggest property media to a rapidly growing
technology company. The company is proud with its
strong portfolios, from the No. 1 portal company,
award-winning mobile application FastKey; the best
platform to empower developers’ sales, and a
number of renown property activities such as
awards, events, and publications, in 11 countries in
Asia.
For more information, visit Rumah.com;
linkedin.com/company/rumah-com
PropertyGuru Group
REG PropertyGuruGroup.com | Asia.PropertyAwards.com | AsiaRealEstateSummit.com
SG PropertyGuru.com.sg | CommercialGuru.com.sg
MY PropertyGuru.com.my
ID Rumah.com | RumahDijual.com
TH DDproperty.com
VN Batdongsan.com.vn
Contact
For media or press enquiries, or to understand more about the PropertyGuru’s
[Country] Property Market Outlook Q4 2020, please email
mediaenquiry@propertyguru.com.sg.
With Thanks
Special thanks to Dr Tan Tee Khoon and Stuart Chng for their contributions to the
PropertyGuru [Country] Property Market Outlook 2021.
Disclaimer
This publication has been prepared for general guidance on matters of interest only
and does not constitute professional advice. You should not act upon the information
contained in this publication without obtaining specific professional advice. No
representation or warranty (express or implied) is given as to the accuracy or
completeness of the information contained in this publication, and, to the extent
permitted by law, PropertyGuru Group does not accept or assume any liability,
responsibility or duty of care for any consequences of you or anyone else acting, or
refraining to act, in reliance on the information contained in this publication or for
any decision based on it.

Market Outlook 2021 Indonesia Property Market Outlook 2021

Uploaded by

Copyright:

Available Formats

You might also like

Market Outlook 2021 Indonesia Property Market Outlook 2021

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Market Outlook 2021 Indonesia Property Market Outlook 2021

Uploaded by

Copyright:

Available Formats

Rumah.

Market Outlook 2021

On a quarterly basis, however, the third quarter

Positive trends were similarly reflected in the

Rumah.com Indonesia Property Market Outlook 2021

105 Year-on-year Cipondoh Tangerang City 14% Rp15,925,925

Sawangan Depok 36% Rp9,836,066

Limo Depok 4% Rp9,139,785

Beji Depok 5% Rp10,546,875

Cimanggis Depok 9% Rp10,248,804

Bantar Gebang Bekasi 13% Rp6,388,889

As many as 3 of 5 respondents to the Rumah.com Consumer Cibitung Bekasi 1% Rp5,910,448

Rumah.com Indonesia Property Market Outlook 2021

2 Key trends in 2021

3 Big property bets in 2021

4 Should you buy or sell property in 2021?

Rumah.com Indonesia Property Market Outlook 2021

National price index

National supply index

Rumah.com Indonesia Property Market Outlook 2021

First quarter of 2020:

A sense of optimism pervaded the property

Rumah.com Indonesia Property Market Outlook 2021

Price wise, West Java seemed to be the most

Rumah.com Indonesia Property Market Outlook 2021

Q1 2020 price and supply index of Java and Bali

200 Supply Index

DKI Jakarta -1.34% 0.55% DKI Jakarta -4.23% 2.08%

Banten 0.65% 6.01% Banten -3.35% -3.94%

Jawa Barat 3.32% 7.55% Jawa Barat -4.56% -10.86%

Jawa Tengah 0.00% -0.86% Jawa Tengah -2.97% -0.74%

DI Yogyakarta 8.94% 13.84% DI Yogyakarta -14.81% -23.05%

Jawa Timur -5.13% -5.61% Jawa Timur -10.04% -15.61%

Bali -2.59% -0.61% Bali 34.55% 77.89%

Rumah.com Indonesia Property Market Outlook 2021

Second quarter of 2020:

The COVID-19 pandemic was starting to be taken

The RIPMI-H (price) for the second quarter hit 110.6,

Rumah.com Indonesia Property Market Outlook 2021

By the third quarter of the year, developers and

Rumah.com Indonesia Property Market Outlook 2021

Q2 2020 price and supply index of Java and Bali

DKI Jakarta 1.82% 1.82% DKI Jakarta 13.08% 43.74%

Banten -1.86% -1.86% Banten 18.49% 44.24%

Jawa Barat -0.93% -0.93% Jawa Barat 22.32% 22.80%

Jawa Tengah -2.43% -2.43% Jawa Tengah 30.88% 34.45%

DI Yogyakarta 6.24% 6.24% DI Yogyakarta 22.38% -8.65%

Jawa Timur -1.08% -1.08% Jawa Timur 33.40% 11.40%

Bali 1.02% 1.02% Bali -19.48% 41.82%

Rumah.com Indonesia Property Market Outlook 2021

Third quarter of 2020: optimism

Gains in the Rumah.com Indonesia Property Market

Entering the fourth quarter of 2020, an increase in

Rumah.com Indonesia Property Market Outlook 2021

Rumah.com Indonesia Property Market Outlook 2021

Q3 2020 price and supply index of Java and Bali

200 Supply Index