CONDOMINIUM 2024
SUPPLY
About 20,000 condominium units are anticipated to be completed in the year 2024, which will be mainly distributed in South Jakarta, Bekasi, and Tangerang Area. Proposed supply is expected to continue growing, albeit not aggressively. With the 2024 Indonesia’s presidential election, developers are still adopting a “wait and see” stance before deciding to launch new projects.
The middle and upper-middle segments are expected to dominate the proposed supply, especially within South Jakarta, East Jakarta, and Bekasi Area.
DEMAND
The net take-up rate of condominium units is expected to improve in 2024. Developers continue to focus on marketing existing units, resulting majority of the net take-up rate is expected to be dominated by existing projects. Align with the projected economic growth, the condominium markets is expected to increase in the second semester of 2024.
Transaction in 2024 is projected to be dominated by lower-middle segment (< Rp 14 mio psm) and middle segment (Rp 15-22 mio psm). Occupancy rate in 2024 is expected to continue rising, especially for projects within the TOD (Transit-Oriented Development) Area.
SALES PRICE GROWTH
Prices are projected to grow gradually in the year 2024. Major price increment is expected to occur in Condominium projects within secondary areas, while price increments in other areas are projected to be relatively stable.
Developers are expected to offer various incentive programs, such as flexible payment plans, cashback in the form of lease guarantees, and free furniture promotions, to counter price competition from secondary market and deal with the current “wait and see” market conditions.
RENTAL APARTMENT 2024
SUPPLY
Several Serviced Apartment projects which were previously planned for completion in 2023, have been postponed the opening date to the following year. 3 new Serviced Apartment projects are expected to enter the market in 2024, namely Oakwood Fatmawati City Center, Ascott Menteng, and Parkroyal Serviced Suites.
Additional supply from Serviced Apartment sub-sector is estimated at 611 units, while from the condominium-for-lease sub-sector is estimated at 12,300 units. The largest additional supply will remain to come from condominium-for-lease sub-sector, representing 95% of new supply.
