Jakarta’s property market saw sluggish growth in the first quarter of this year, confirming analysts’ expectation of weak market growth in the capital city’s property market throughout 2021.
Property consultancy Colliers International reported declining occupancy rates in retail and offices as well as muted sales in new apartments as business activity and consumer spending remained low.
“If we look at the demand cycle, the bottoming was expected in 2020 but we can see that, with the reality of a pandemic that is out of our control, we now expect the cycle to continue and may reach its lowest point this year,” said Colliers research head Ferry Salanto.
The pandemic battered Jakarta harder than most provinces as the capital remains the outbreak’s epicenter, which forces the Jakarta administration to occasionally impose st...
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