MarkPlus, which surveyed 100 respondents living mostly in Greater Jakarta, found that consumers were currently saving their money to maintain personal financial stability amid the COVID-19 pandemic that affected the country’s economy.

However, half of the surveyed respondents still expect to buy a house next year.

“The future demand may not be as strong, but we expect demand to bounce back next year as customers already have plans to buy [a house],” the firm’s senior associate, Irfan Setiawan, said in a virtual discussion on Friday.

To anticipate the recovery, Irfan said, he expected the current situation to have implications for the pricing strategy for residential property sellers and developers.

Currently, the combined sales of small, medium and large houses fell by 43.19 percent year-on-year (yoy) in the first three months of the year due to the unfolding pandemic, according to a recent survey by Bank Indonesia (BI).

However, the MarkPlus survey shows that 10 percent of the customers were still buying houses during the pandemic, signalling remaining demand despite the economic downturn.

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