BI Survey: Residential Property Prices Increase Limited In The Second Quarter Of 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - The results of the Bank Indonesia Residential Property Price Survey (SHPR) (BI) indicate that residential property prices in the primary market in the second quarter of 2024 will increase limitedly. "This is reflected in the growth of the Residential Property Price Index (IHPR) in the second quarter of 2024 which was recorded at 1.76 percent year on year (yoy)," said Head of the BI Communications Department Erwin Haryono in Jakarta, quoted from Antara, Friday, August 16.

According to Erwin, IHPR growth was slightly lower than the growth in the first quarter of 2024 of 1.89 percent (yoy) of residential property sales in the primary market, recorded a growth of 7.30 percent (yoy), slowing down compared to sales in the previous quarter of 31.16 percent (yoy).

He said the slowdown in primary home sales occurred in all types of houses, especially in small-type houses.

In terms of financing, the survey results show that the financing of residential property development is mainly sourced from developer internal funds with a share of 74.69 percent. Meanwhile, in terms of consumer terms, the majority of primary housing purchases are made through the Home Ownership Credit (KPR) financing scheme, with a share of 75.52 percent of total financing.