Seven months after the outbreak of the first COVID-19 case was announced, the impact on Indonesia’s economy has worsened with second quarter gross domestic product (GDP) growth falling to minus 5.32 percent year-on-year. With the number of cases now surpassing 390,000, it is anticipated that subsequent economic growth will remain at negative levels, putting the country into technical recession by the third quarter of 2020.
But if the newly-enacted omnibus Job Creation Law could be implemented smoothly starting next year, the property market, especially those of the top-end residential sector could get a boost as the law eases foreign property ownership restrictions.
Given strict social distancing, activity levels across most business sectors in the capital including real estate have dropped quite considerably since March. The easing of large-scale social-dist...
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