JAKARTA – The residential property sales in the primary market still indicated growth in the third quarter of 2022, although the price climbed higher as well. However, the sales growth indeed was not as wide as the trend of property sales in Q2 2022.
Based on Bank Indonesia’s (BI) Residential Property Price Survey quoted today (14/11), the property sales grew 13.58% in Q3 2022, which was a drastic progress from the minus 15.19% seen in the same period in 2021. Unfortunately, said rate of growth lagged behind compared to 15.23% increase in Q2 2022.
The house sales growth was seen in small house that increased 30.77%, shifting massively from 14.44% increase in Q2 2022. Meanwhile, medium house sales reportedly dropped 1.59% from the initial 12.25% growth, as did the large houses sales from 29.86% increase in Q2 2022 to 19.73% in Q3 2022.
This survey also revealed several obstructions in residential property sales increase, which include high raw material price, licenses, interests, and high proportion of down payment in the Housing Ownership Credit, and taxes.
On the other hand, the Residential Property Price Index in the primary market was seen rising 1.94% in Q3 2022. In Q3 2021, it was at 1.03% increase. The index growth occurred in all segments of residential properties, specifically the medium houses that sported the highest gap of 2.92%. (LK/ZH)