Properties Most Interested During The Pandemic: IDR 500 Million To IDR IDR Billion Homes

Illustration. (Photo: Unsplash)

JAKARTA - Even though the property market was under pressure during the COVID-19 pandemic, public interest in buying property has not completely disappeared. The decline in purchasing power has indeed forced some people to hold or cancel their property purchases, but on the other hand some people still have the potential to buy property at this time.

This was revealed by a consumer survey conducted by Indonesia Property Watch in early September involving 285 respondents, of which 68.09 percent are still interested in buying property at this time even though the pandemic is still ongoing.

Most of the respondents consisted of people aged 45-55 years at 44.09 percent and 35-45 years old at 30.11 percent. This group describes an active group as a property consumer market. As much as 37.63 percent live in Jakarta, 45.17 percent live in Bodebek-Banten and the rest are scattered in Java and outside Java.

This type of house property is still the prima donna that is the target of the community. 51.06 percent still choose to buy a house over other types of property. Interest in purchasing land plots is relatively high at 22.34 percent, apartments at 11.7 percent, SOHO / Ruko / Rukan by 10.64 percent, and the rest for warehouses, villas, condotels, and others.

Ali Tranghanda, CEO of Indonesia Property Watch, said that the current trend of property purchases is relatively dominated by the middle segment to Rp1 billion, but it turns out that even the upper middle and luxury segments still have potential purchases. This can also be seen from the rampant launch of property projects targeting this middle segment.

"Based on the survey conducted, the price range that was in demand ranged from Rp. 500 million to Rp. Rp. 29.79 percent, followed by Rp. 300 million to Rp. 28.72 percent, Rp. Rp. Billion to Rp. 23.40 percent, below Rp. amounting to 10.64 percent and 7.45 percent for property prices above Rp3 billion, "Ali said in a statement received by VOI, Thursday, September 17.

This result, said Ali, is in line with the property market sales trend survey conducted by Indonesia Property Watch on a quarterly basis, in which the middle segment is still the fat segment which continues to record sales to date.

However, Ali warned that there is currently a shift in buyers to lower segments. Those who wanted to buy properties above Rp1 billion in the past are now estimated to choose the lower price segment in the range of Rp. 500 million to Rp1 billion.

This can be seen from the survey results where the trend of the average house sale price has decreased. Likewise, the middle segment, which previously wanted to buy Rp. 500 million, has begun to shift to the Rp. 300 million price segment. Consumers who previously had the purchasing power of Rp. 300 million are now only able to buy property for under Rp. 300 million.

However, it turns out that there is a phenomenon where the last segment mentioned, they do not want to buy a house that is too cheap, including subsidized housing for various reasons, which forces this group to postpone it for a while.

"Meanwhile, the market which is quite affected is in the subsidized housing segment where this group of people is experiencing considerable purchasing power pressure," said Ali.