Jakarta Apartment Prices Up in Second Quarter

A research done by Cushman & Wakefield shows that as of end of June 2012, the average price of condominium in the CBD area (Sudirman, Kuningan, Thamrin, Gatot Subroto dan Satrio) stood at Rp 23,106,618 psm, an increase of 13.6% from previous quarter. The average price in the prime area (Kebayoran Baru, Senayan, Menteng, Pondok Indah, Permata Hijau dan Kemang) was recorded at Rp 22,251,581 psm, a growth of 17.6% over that in the preceding quarter.

During the second quarter of 2012, pre-sales activity of proposed condominium projects was led by the middle class projects, holding about 65.52% of the total transactions. For the payment method, middle class buyers use 1-3 years cash instalments, bank mortgage and hard cash. As for the lower-middle class, they prefer mortgage payment. Pre-sales rate of the upper-middle segment dropped by 10.1%. The sales rate of low-cost condominium increased by 0.2% from 95.2% in the previous quarter and 3% over the preceding year, with an occupancy rate of 37.3%.