Property Market Analysis: 2023 Reflection and 2024 Outlook by Cushman & Wakefield 

The world continues to face several risks and uncertainties, including China’s economic slowdown, commodity price volatility, geopolitical complexities in Ukraine-Russia and Palestine-Israel, alongside climate change and the increase in global oil prices. These factors are impacting global economic growth, which is projected to remain low at 2.9% in 2023 and 2.8% in 2024.

However, Handa Sulaiman, Vice Chairman of Cushman & Wakefield Indonesia, believes that Indonesia remains strong with a solid economic foundation, showing consistent 5% growth over seven consecutive quarters. The growth projection for Indonesia in 2024 is expected to reach 5.2%. 

On the other hand, Indonesia’s inflation in September 2023 remained low at 2.28%, with a high level of consumer confidence reflected in the Consumer Confidence Index (CCI), positive growth in the Real Sales Index, and a continuous trade surplus of USD 3.42 billion in September 2023, marking a surplus for 41 consecutive months. 

Handa further mentioned, “Although the company’s expansion is postponed due to the owners adopting a ‘wait and see’ approach in light of the elections, high-interest rates, and weakened external consumption, the 2024 election period is expected to contribute an additional approximately 0.3% to the economic growth projection. In the context of global economic uncertainties, the growth of the middle class becomes a primary pillar in supporting Indonesia’s economic stability.” 

As one of the world’s leading real estate service companies who serves with dedication and innovation in the property sector, Cushman & Wakefield reviewed the property market conditions in 2023 and explore 2024 projections in a virtual press conference on Thursday, 7 December 2023 by presenting Handa Sulaiman, Vice Chairman of Cushman & Wakefield Indonesia, Arief Rahardjo, Director of Strategic Consulting of Cushman & Wakefield and Lini Djafar, Managing Director of Cushman & Wakefield Indonesia. 

Below is the data summary from each sector by Arief Rahardjo, Director of Strategic Consulting of Cushman & Wakefield: 



No new supply is expected to enter the Jakarta CBD Office market in 2024. The absence of new supply in 2024 is mainly due to the “on-hold” status of projects that have been at advance construction stage such as Gedung Indonesia Satu Tower North (62,600 sqm) and Gedung Indonesia Satu Tower South (68,600 sqm). 

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