Jakarta apartment prices to rise by up to 2% between 2024 and 2026

Prices slightly increased by 0.6% in Q1.

According to a Colliers report, asking prices for apartments in Jakarta have remained at an average of IDR 35.6 million, with an expected increase of 1–2% between 2024 and 2026.

Here’s more from Colliers:

At the start of the new year, prices underwent some adjustments, due to the progress of construction towards completion and commencement of project handovers. However, certain developers opted to preserve their asking prices, focusing on reducing their inventory whilst capitalizing on the ongoing VAT incentives momentum. 

Overall, prices saw a slight uptick of 0.11% QOQ and 0.57% YOY, remaining steady at an average of IDR 35.6 million. 

We expect developers will continue adhering to their current selling strategies, carefully adjusting prices to sustain sales volume. The influence of the VAT incentive will persist, exerting downward pressure and limiting significant price increases in order to provide competitive pricing and attract potential buyers. In essence, we expect a moderation in the pace of price increases in the next couple of quarters.