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Jakarta Post

Property market to remain sluggish despite incentives

  • Riska Rahman

    The Jakarta Post

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Jakarta   /   Mon, January 13, 2020   /  11:13 am
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Jakarta landscape is pictured in this undated photo. Real estate consulting firm Savills Indonesia research and consultancy head Anton Sitorus said he expected the country’s property market to remain the same this year despite the stimulus as demand would remain week.(Shutterstock.com/Creativa Images)

The government has issued a number of incentives including a higher tax threshold and the reduction of down payment requirements but analysts believe they will not be enough to revive the country’s sluggish property market. Real estate consulting firm Savills Indonesia research and consultancy head Anton Sitorus said he expected the country’s property market to remain the same this year despite the stimulus as demand would remain week. He said the stimuli provided by the government and Bank Indonesia (BI) would not have much impact on property sales because the current property prices were still considered too high. “Those incentives and stimuli are not working at their maximum effort,” he said in Jakarta on Dec. 20, 2019. Even though the global economy looks to be on the track to recovery, Anton continued that the growth of the country’s propert...