KJPP Wawat Jatmika & Rekan: Waspadai Risiko Pasar di Tengah Euforia Kebijakan PPN DTP 100 Persen Tahun 2026

JAKARTA - The Government's decision through the Minister of Finance Purbaya Yudhi Sadewa to extend the Government-funded Value Added Tax (PPN DTP) incentive to 100 percent through PMK Number 90 of 2025 is a breath of fresh air for the national property industry. However, KJPP Wawat Jatmika & Rekan considers it important for the public and the banking sector to continue to prioritize the principle of prudence in order to remain vigilant against potential economic uncertainties that affect the property market.

The policy, which includes tax exemptions for freehold homes and apartment units with prices of up to IDR 2 billion, is expected to increase demand (demand) until the end of 2026. In the market law, an increase in demand is often followed by a tendency to increase the selling price of properties.

The price of residential property in Indonesia at the end of 2025 grew slightly with an index of price growth of 0.84 percent (yoy) based on research on the Residential Property Price Survey by Bank Indonesia. This is reflected by sales of properties that tend to slow down, especially for the secondary market. Indrotjahjono S., as Head of Property Valuation Services KJPP Wawat Jatmika & Partner, reminded the importance of maintaining the stability of property prices so that the benefits of the VAT incentive are truly absorbed by the Community so that they can maintain people's purchasing power and the effectiveness of government stimuli in the property sector.

"The 100 percent DTP VAT incentive is an opportunity for people to own a residence. However, people need to be vigilant to see whether the current price offered reflects the Market Value of the residence," explained Indro, in a written statement, Monday, February 2.

Indro added that independent assessments are not just about numbers, but to ensure that the numbers contained in the assessment report are a representation of the economic benefits of the asset, so that the banking sector and the public have a strong basis for making financial decisions.

"If buyers buy properties above the Market Value, they will have difficulty when they want to resell or when they want to top up credit in the future," he explained.

From a macro perspective, this policy also requires the banking sector to be more disciplined in the process of distributing Home Ownership Loans (KPR) by paying attention to the main foundations in assessing the borrower's eligibility (5C-Character, Capacity, Capital, Condition, Collateral). Tri Istianingsih, as a partner and public property assessor at KJPP Wawat Jatmika & Partners, also emphasized that the role of the Public Appraisal Service Office (KJPP) is as a guard for the banking sector, especially related to determining the Market Value of collateral.

"Banks have a great responsibility to ensure that the value of assets used as collateral is in accordance with the Market Value, as well as ensuring the percentage of liquidity over assets, to be able to manage the credit performance of home ownership in the midst of euphoria and maintain risks to credit quality later," said Isti.

As a proactive step, KJPP Wawat Jatmika & Rekan advises consumers not to rush into transactions just because they are afraid of losing momentum. Consumers are expected to use professional services to obtain additional information as one of the steps to mitigate risks.

"The government's big goal is to maintain purchasing power and turn the wheels of the economy. We as public assessors are committed to ensuring that this noble goal is achieved by maintaining a transparent and accountable property market ecosystem," concluded Isti.