Amid The COVID-19 Pandemic, The Primary Housing Market In DKI Jakarta Rises 21.9 Percent

Illustration. (Photo: Unsplash)

JAKARTA - The housing market in DKI Jakarta has begun to increase even though the general economic condition is still overshadowed by the sluggishness caused by the COVID-19 pandemic. CEO of Indonesia Property Watch (IPW) Ali Tranghanda said, the movement of primary home sales in DKI Jakarta in the second quarter of 2020 experienced an increase in sales value of 21.9 percent (quarter to quarter), or Rp.101.49 billion after the previous quarter had dropped to 33.3 percent.

Ali explained, the trend of increasing sales began to appear since mid-May. Several promos and attractive offers from the developer make the market move up. This also shows that in fact the primary housing market in Jakarta still has purchasing power.

"The drop in sales in the previous quarter is expected to be due to the tightness of the PSBB which was implemented to prevent a pandemic. It is proven that since the PSBB was relaxed, the market has experienced growth again," he said, in a written statement received by VOI, Tuesday, July 14.

However, Ali said, although there is still an upward trend, the market must still be vigilant because the current conditions have not fully formed a stable movement pattern.

Of the total sales, said Ali, the segment of house prices above Rp. 2 billion dominated 57.69 percent and the rest were houses with a price of Rp. Rp. 2 billion by 42.31 percent.

"There are no home sales below Rp1 billion in Jakarta. Although the composition is lower, the highest increase occurred in the price segment of Rp1 to Rp2 billion, amounting to 144.4 percent," he explained.

Meanwhile, said Ali, the level of home sales in the price segment above Rp. 2 billion also increased by 11.1 percent. With such sales volume, the average house price sold in the second quarter of 2020 shows a shift to a lower segment with an average selling price of IDR 1.95 billion.

"There are early indications that there is a shift in new home buyers in the large segment of more than Rp. 2 billion, heading out of Jakarta, both to the West and the East. The development of a better area in Jakarta's buffer zone has made the relative market shift," he explained.