Property Backlog Reaches 12 Million, Sri Mulyani: Can't Be Chased If Only Relying On The State Budget

Minister of Finance Sri Mulyani (Photo: Screenshot of PT SMF's Youtube)

JAKARTA - Minister of Finance, Sri Mulyani, said that the development of property business activities in Indonesia is still faced with the problem of high housing needs which cannot be matched by the availability of housing on the market (backlog).

According to the Minister of Finance, the latest data shows that currently, the backlog has reached more than 12 million units. She said, the number was very large and could not be covered if only relying on the efforts made by the government.

"We want to pursue housing needs with a backlog of 12 million, while this will not be able to be achieved if we only use the state budget and it is impossible to catch up quickly", she said in the G20 side event with the theme of the 2022 Securitization Summit on Wednesday, July 6.

The Minister of Finance explained that to anticipate this, a collaboration of various parties is needed so that the difference in housing in Indonesia can be resolved immediately. This collaboration is considered to require cross-sectoral support and is not limited to government agencies.

"I hope that all of us can learn while building new initiatives to see the housing finance ecosystem that needs to be improved, both in terms of legislation, regulation, product side or also education for business actors and investors", she said.

For information, the Ministry of Finance report related to the realization of the first semester of 2022 APBN (State Budget) noted that the value of the housing subsidy that has been given is IDR 400 billion. This figure is only 7.1 percent of the ceiling of Presidential Decree No. 98 of 2022.

Meanwhile, the housing loan interest subsidy until last June was used for interest payments for the previous year's housing loan agreement, and the housing down payment assistance subsidy was used for 63,200 housing units which are credit contracts for the 2022 period.