As of the second quarter of 2023, the residential property price index in Greater Jakarta (locally known as Jabodetabek) increased by 2.24 percent. The residential property index in the Jakarta metropolitan area has been steadily increasing over the past few years.
Indonesia’s housing market
Indonesia is currently struggling with a housing backlog, reaching nearly 13 million units in 2023. This represented the number of Indonesian households who were supposed to own a house in the country. In response to this issue, the government has initiated the “One Million Houses” program (Program Sejuta Rumah), intending to build a million houses annually. Among other areas in Indonesia, Greater Jakarta stood out with the highest house price growth after Batam.
Greater Jakarta‘s housing dynamics: the satellite cities’ rising role
As Indonesia’s capital city and financial center, Jakarta outpaces other areas in terms of average land prices. For residential homes, the average land price was almost three times higher than the land price in industrial areas in Jakarta. Greater Jakarta, home to about 30 million people, encompasses Jakarta and five satellite cities, including Bogor, Depok, Tangerang, South Tangerang, and Bekasi. As Jakarta lacks affordable housing and developed areas for landed houses, many residents are now starting to relocate to its satellite cities. This has also caused Jakarta to have a lower residential property sales rate compared to the other Greater Jakarta regions.
Year-on-year (YoY) residential property price index growth in Greater Jakarta, Indonesia from 1st quarter 2022 to 2nd quarter 2023
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Residential property price index growth
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Bank Indonesia. (August 16, 2023). Year-on-year (YoY) residential property price index growth in Greater Jakarta, Indonesia from 1st quarter 2022 to 2nd quarter 2023 [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/1269208/indonesia-yoy-residential-property-price-index-growth-greater-jakarta/
Bank Indonesia. "Year-on-year (YoY) residential property price index growth in Greater Jakarta, Indonesia from 1st quarter 2022 to 2nd quarter 2023." Chart. August 16, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/1269208/indonesia-yoy-residential-property-price-index-growth-greater-jakarta/
Bank Indonesia. (2023). Year-on-year (YoY) residential property price index growth in Greater Jakarta, Indonesia from 1st quarter 2022 to 2nd quarter 2023. Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/1269208/indonesia-yoy-residential-property-price-index-growth-greater-jakarta/
Bank Indonesia. "Year-on-year (Yoy) Residential Property Price Index Growth in Greater Jakarta, Indonesia from 1st Quarter 2022 to 2nd Quarter 2023." Statista, Statista Inc., 16 Aug 2023, https://www.statista.com/statistics/1269208/indonesia-yoy-residential-property-price-index-growth-greater-jakarta/
Bank Indonesia, Year-on-year (YoY) residential property price index growth in Greater Jakarta, Indonesia from 1st quarter 2022 to 2nd quarter 2023 Statista, https://www.statista.com/statistics/1269208/indonesia-yoy-residential-property-price-index-growth-greater-jakarta/ (last visited July 03, 2024)
Year-on-year (YoY) residential property price index growth in Greater Jakarta, Indonesia from 1st quarter 2022 to 2nd quarter 2023 [Graph], Bank Indonesia, August 16, 2023. [Online]. Available: https://www.statista.com/statistics/1269208/indonesia-yoy-residential-property-price-index-growth-greater-jakarta/