The average price of apartments and office space in Jakarta has yet to increase despite the completion of the highly anticipated MRT, according to property developer Colliers International Indonesia, adding that an uptick is expected in the future. “The asking price [for apartments around MRT stations] has increased, but that does not mean that selling prices have increased,” said Aldi Garibaldi, senior associate director investment service at Colliers International Indonesia. According to Colliers International, the gap between a large supply and soft demand was the major cause of stagnant growth for apartment prices in Jakarta in the first quarter of 2019. The property developer expects growth to diminish to 3-4 percent this year on the back of weak demand and uncertainty in a political year and increase gradually by 5-6 percent from 2020 to 2021. “We proj...

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