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Owning a house remains challenging for millennials
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This aerial picture taken on August 4, 2021 shows a housing complex for residents in Jakarta, near the border with a neighboring province. (AFP/Bay Ismoyo)
D
espite residential property prices having appreciated at a rate much lower than inflation over the past year, a home of their own remains out of reach for most millennials.
State-Owned Enterprises Minister Erick Thohir said last month that 81 million young adults in Indonesia struggled to buy a home.
"According to data from the Public Works and Housing Ministry, there are 81 million millennials of various statuses who have not yet acquired housing facilities," Erick affirmed when accompanying President Joko "Jokowi" Widodo to the inauguration of a housing estate in Depok, West Java, on April 13, as quoted by Merdeka.
He suggested that a lack of land for residential construction in metropolitan areas was one of the reasons for a generation struggling to buy property.
Millennials have told The Jakarta Post that they also feel burdened by mortgage payments and fear being taken advantage of by real estate agents.
According to Statistics Indonesia (BPS), just 56 percent of Jakarta residents own their homes. That is the lowest rate of any province in Indonesia, followed by Riau Islands (69.39 percent) and East Kalimantan (74.05 percent).
Fahmi Primanda, an account manager for a marketing agency in South Jakarta, is frustrated with his search for a home, explaining that he will face higher transportation costs if he purchases a property outside of the urban area.
