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Jakarta Post

Elections, trade war create tougher conditions for property sector this year

  • Riska Rahman

    The Jakarta Post

PREMIUM
Jakarta   /   Mon, December 30, 2019   /  08:18 am
The Jakarta Post Image
Apartment towers fill Jakarta's cityscape. (tempo.co/Tony Hartawan)

The year 2019 proved to be yet another tough year for the property sector as national elections and a slowing global economy persuaded consumers to hold off on buying or renting property. The year’s property market got off to a tough start as the high-interest rate trend from 2018 persisted at the beginning of the year, putting consumers off buying property over fears of high mortgage payments. It continued to endure tough conditions amid the elections held in April. The elections caused political uncertainty over the nation’s leadership, as well as public tensions offline and online that ensued even after the elections, causing consumers and investors to await the latest developments before investing their money in property. Tensions and uncertainties cooled off as the Constitutional Court in June legitimized the result of the April presidential election, which mean...