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Jakarta Post

Property prices expected to fall amid bleak market outlook

  • Mardika Parama

    The Jakarta Post

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Jakarta   /   Thu, April 9, 2020   /  04:15 pm
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Model city: People visit the LRT City booth during the Indonesia property Expo held at the Jakarta Convention Center in this undated photo.(The Jakarta Post/David Caessarre)

Property prices in various sectors are projected to decrease in the remaining months of 2020 as developers try to weather the economic slowdown caused by the COVID-19 pandemic, which has crippled most economic activity in the country. The prices would decline as apartment owners and real estate developers would offer more lucrative deals to tenants and buyers amid sluggish demand, while the office and retail property market had started to see decreasing rents, according to a report by property developer Colliers International Indonesia. “In the current situation, what property [developers] aim for is occupancy. The most important thing is they have to be able to sell their products, even though they have to sacrifice its prices,” Colliers’ advisory services director Monica Koesnovagril told The Jakarta Post during an online seminar on Wednesday. Regarding t...