JAKARTA - This year's property market is projected to remain on the right track in line with the surge in the second home market in Indonesia.
Member of the Housing Task Force and Panangian Property Observer Simanungkalit assessed that the development of the secondary market can become a new catalyst for the growth of the property industry and at the same time open wider opportunities for the public to own housing at more affordable prices and with more certain legality.
"Properties are currently on the track because there is momentum for second homes to the secondary market. This is a great opportunity, especially for Gen Z, to start entering the property market with clear legality and still competitive prices," said Panangian, Tuesday, May 19.
According to Panangian, the second-hand housing market has great potential to grow due to the limited supply of new homes compared to the increase in people's housing needs every year. He assessed that the secondary market could be a solution to expand access to home ownership in the midst of the high national housing backlog.
Moreover, added Panangian, second homes are usually located in premium locations with prices from decades ago.
"It's like we just bought the land, we've already made a profit," said Panangian.
In the near future, continued Panangian, there will be the release of tens of thousands of second-hand house assets through the auction mechanism, which is estimated to be one of the largest in recent years. The properties marketed consist of various segments ranging from subsidized houses, commercial houses, apartments to plots with a range of varying prices.
"This second-hand housing market is interesting because most of the assets are already in a living area, the infrastructure is formed, and land prices continue to increase. In terms of investment and housing, the potential is still very large," he said.
He added that the houses to be marketed have also gone through legality checks so that the public does not have to worry about administrative aspects and ownership status. In addition, there will also be a special Home Ownership Loan (KPR) scheme designed for people who want to pay off second homes.
Panangian is optimistic that the strengthening of the secondary market will have a positive impact on the national housing industry as a whole, including increasing the liquidity of the property market and expanding housing options for the public. "So far, people have been too focused on new homes, even though second homes also have high value. With the right education, the secondary market can become one of the new engines of growth for the national property sector," said Panangian.
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