Pricing Plan For Subsidized Houses Is Still In Process

Photo via Antara

JAKARTA - The Ministry of PUPR through the Directorate General of Infrastructure and Housing Financing revealed that the plan to adjust the price of subsidized housing is still in process.

"This is still being pursued and is in the process. We are waiting," said Director General of Infrastructure and Housing Financing Herry Trisaputra Zuna, in Jakarta, Thursday, February 16, quoted by Antara.

Herry also added that the PUPR Ministry had discussed and conducted discussions with the Indonesian Real Estate Association (REI) and other stakeholders regarding plans to adjust subsidized housing prices.

The PUPR Ministry hopes that the plan to adjust the price of subsidized housing can be realized in the near future.

Previously, Rumah.com Country Manager Marine Novita explained that the discourse on increasing subsidized house prices was in line with the parameters owned by Rumah.com.

Based on data from Rumah.com Indonesia Property Market Index Q4 2022, landed house prices have increased 5.8 percent on an annual basis.

In addition, data from Rumah.com also noted that property searches throughout 2022 were dominated by middle-upper-class property searches, with prices starting from IDR 1 billion.

The number of property searches at prices starting at IDR 1 billion is 56 percent of the total property searches on Rumah.com, while searches for properties with prices below IDR 300 million are decreasing.

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Marine said, in general, house prices have indeed increased, especially with the increase in raw material prices and capital costs.

Demand for property has also increased over the last three quarters as the economy recovers from the pandemic and the completion of several infrastructures that facilitate residential access.

Nevertheless, the relative increase in subsidized house prices will not affect the number of subsidies provided by the government or the number of subsidized housing units, because the current scheme helps liquidity in housing financing, not subsidies on the cost of goods sold.