Jakarta, CNBC Indonesia – Many luxury houses in the elite areas of Pondok Indah and Menteng are not sold. Even though house prices in this area have dropped drastically.
Rumah.com Country Manager Marine Novita explained that the increase in the supply of houses in the Menteng and Pondok Indah areas had occurred since Q3-2020. As we enter 2021, there is still an increase in supply but not as high as in the second half of 2020.
“Many homeowners have indeed wanted to sell houses in the two areas since Q3-2020, but so far they have not been sold. Prices have also decreased from that period,” he explained in an official statement, Monday (12/7/2021).
Marine explained that the price decline was due to increased supply in Q3-2020. Even though the price had stayed in Q4 then it fell again in Q1-2021. Then the price decline continued drastically in Q2-2021 in the Menteng area. While in the Pondok Indah area, prices remain unchanged.
When compared to the increase and decrease in the price index in Q1 according to data from Rumah.com Indonesia Property Market Index Q2 2021, areas in DKI Jakarta experienced a decline evenly in the range of 0.44% per quarter.
The region with the biggest price decline was Central Jakarta, which fell by 1.52% (quarter-to-quarter) in the first quarter of 2021. Meanwhile, South Jakarta fell by 1.19% (quarter-to-quarter).
This means that according to Marine, the rate of decline in prices in the Menteng and Pondok Indah areas is still lower than the rate of decline in general in the Central Jakarta and South Jakarta areas.
“This data is the result of an analysis of 600,000 property listings for sale and rent from all over Indonesia,” he said.
DPD chairman of the Jakarta Real Estate Brokers Association (Arebi) Clement Francis said houses in the elite areas of Pondok Indah to Kemang are indeed difficult to sell. Moreover, currently there is an incentive from the government regarding 0% VAT for new ready stock houses.
In fact, in the used house market, especially the upper segment, aka luxury, many buyers have lowered their prices, but the buyers are very limited, especially in the current pandemic conditions.
“What is certain is that with the pandemic, there are not many potential buyers, while there are many properties sold, more than demand. Between supply and demand is very different when compared to 2017-2018, there are far more interested people than 2020,” said Clement
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