The virtual Property Outlook 2022 invited real estate experts and stakeholders to grace their panel sessions. They included Bank Indonesia’s Macroprudential Policy Department deputy director Ndari Surjaningsih, 99 Group Indonesia deputy CEO Wasudewan, Real Estate Indonesia chairman Totok Lusida and Indonesia Property Watch CEO Ali Tranghanda.

“To understand the dynamics within Indonesia’s property dynamics, we need to have high data accuracy. The analysis team of 99 Group successfully presented data derived from statistics and databases that are continuously updated according to recent market trends. Through Property Outlook 2022, 99 Group can provide useful advocacy for consumers, agents, property developers and stakeholders with comprehensive and accurate data sources,” Wasudewan explained.

Also attending the event was a representative of Bank Indonesia, Macroprudential Policy Department deputy director Ndari Surjaningsih. In the first session, she explained that the demand for residential property had seen an increase in sales in the second quarter of 2021, especially for medium (21-70 square meters) and large (>70 sq m) homes.

“Bank Indonesia hopes that with strategic policies such as the easing of the loan-to-value ratio and the extension of PNN DTP incentives this year, the property sector can rise and contribute to the national economic growth,” Ndari added.

The implementation of policies by the government would require full support and collaboration from industry players, including Real Estate Indonesia. The association recorded that the number of property realizations grew as high as 73,518 units across Indonesia in 2021. indicating a hike compared to the same period last year, when only 22,721 units were sold.

“We can sense a positive outlook on Indonesia’s property industry as proven by the 223 percent increase between 2021 and 2020. This trend shows that the property industry is recovering as a result of the collaboration between private corporations and the government,” Real Estate Indonesia chairman Totok Lusida commented.

In a session titled “Answering to Challenges and Opportunities in the New Era of Property”, Indonesia Property Watch CEO Ali Tranghanda also addressed the industry’s prominent revival. National economic indicators showed improvement at the beginning of 2021, revealing positive growth of 3.51 percent in the third quarter (quarter on quarter).

Almost every sector enjoyed the growth, although part of it was accelerated by the increasing state spending.

“We’re seeing signs of a rebound in the stirring property market on a national scale. With government policies and the increase in public buying interest, we hope to see an accelerated recovery. There’s high hope that the property industry can rise this year,” Ali explained.

Multiplying property searches signals positive change in the national market

In the first quarter of 2020, the COVID-19 pandemic landed a devastating blow on Indonesia’s economy. Group 9’s Property Outlook 2022 statistics showed the debilitating effects it had on the property market.

The demographic of property seekers comprised 59.5 percent women and 40.5 percent men. Also evident is the shifting consumer age, with Gen-Z and millennials making up 19.4 and 48.7 percent, respectively. This marks a growing awareness of the importance of property ownership among the younger generation.

“With more youths actively seeking properties to buy, Group 99 accordingly adjusts its marketing strategy to attract this new demographic. Our aim is to help these property seekers find their dream home easily,” added Wasudewan.

Landed homes still top the rank of property searches with an overwhelming percentage of 84.1 percent. According to Rumah123.com and 99.co’s internal statistics, properties under Rp 400 million are in high demand, accounting for 39.1 percent of consumers in the second quarter of 2021. There is also a swelling interest in premium properties at a price of 2 to 10 billion and above.

99 Group is the parent company of property platforms 99.co, Rumah123.com, iProperty.com.sg and Singapore Real Estate Exchange (SRX). With the most advanced technology, strong data analysis capabilities and experts in real estate, 99 Group is the fastest, most comprehensive, and most modern in Southeast Asia.

Group 99’s headquarters is in Singapore with offices in Jakarta, Bandung and Surabaya.

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