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RI unlikely to follow US house-flipping boom, expert says
Indonesia may not see house flipping take off to the extent that it has in the United States, an expert has said, but some are already turning a quick profit.
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This aerial picture shows a residential area near the city center of Jakarta on Dec. 2, 2021. (AFP/Bay Ismoyo )
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ndonesia may not see house flipping take off to the extent that it has in the United States, an expert has said, given differences in the housing market and financing challenges.
House flipping is purchasing, typically renovating and then reselling a property in a relatively short period of time with the intention of making a profit.
“Time is money. [House flippers] want to do this fast; they want in and out in nine months. That’s how you flip houses,” Steve Atherton, head of capital markets at property consultancy Colliers, told The Jakarta Post on Feb. 17.
House flipping is booming in the US, with some flippers earning double-digit margins in a matter of months. In 2022, roughly one in 10 homes sold in the US was flipped, according to New York Times.
Read also: Not back to normal for commercial real estate post-PPKM: Property firms
In Indonesia, a select few house flippers have delved into the business and made profits.
Jenny Wibisono, a house flipper since 2010, said she had made billions of rupiah from more than 10 properties in Greater Jakarta, once making 86 percent in profit on a single home.
