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Jakarta Post

Residential property sales, prices fall amid virus

  • Dzulfiqar Fathur Rahman

    The Jakarta Post

Jakarta   /   Thu, May 28 2020   /  12:34 am

Residential property sales and prices have shown a downward trend amid the COVID-19 pandemic, which has battered people’s purchasing power and developers’ marketing efforts, despite lower mortgage interest rates.

Totok Lusida, chairman of the Real Estate Indonesia (REI), an association of 6,400 developers, said on May 18 that aside from hindered construction, social restrictions implemented to curb the outbreak have disrupted marketing efforts.

“Although we try to do online marketing, consumers eventually want to physically see [the projects],” Totok told The Jakarta Post in a phone interview. “They want to know the location, meet us in person.”

The COVID-19 outbreak has forced the government to impose large-scale social restrictions in four provinces and 26 regencies/cities, including in business centers Greater Jakarta, Bandung in West Java and Surabaya...