Residential market average land price in Greater Jakarta Indonesia H1 2024, by region

As of the first half of 2024, the average land price of landed residential homes in Jakarta was about 15.9 million Indonesian rupiah per square meter. Jakarta is Indonesia's financial center, and the average land price there is higher compared to other areas. The residential property price in Greater Jakarta also has been steadily increasing in the past decades.

Jakarta residential properties are not affordable for many

Approximately 30 million people live in Greater Jakarta, with the majority live in the urban region surrounding the capital city. The metropolitan area consists of Jakarta and its five satellite cities: Bogor, Depok, Bekasi, Tangerang, and South Tangerang. However, as the number of affordable residential houses and developed areas for landed houses in the capital city is limited, many Indonesians especially the younger generations, tend to buy their houses in the surrounding regions.

Many Jakartans relocated to Tangerang regency

Real estate in the center of Jakarta has been a stable investment and is less likely to drop in value, compared to the outer areas of Jakarta. However, since the 90s, Indonesia’s major real estate developers have been designing planned communities with excellent infrastructure in Tangerang. Since then, there is a growing number of people who have relocated there from Jakarta, leading to a lower residential property sales rate in Jakarta compared to Tangerang.