Oversupply in Jakarta’s Apartment Market

Summary

The apartment market in Jakarta will experience excess supply until 2023, with the peak reaching 26,000 units available in 2020, according to Anton Sitorus, Head of property consulting company Research Savills Indonesia on Wednesday (1/22). South Jakarta will have the most abundant supply, with 31 percent of total available units, followed by West Jakarta with 25 percent. In terms of class, the middle-end category will dominate the Jakarta apartment market with a 37-percent portion.

Anton previously estimated that the average apartment sales in the capital city to reach 5,200 units per year by 2023, higher than sales in 2019, which reached 2,300 units. Last year, the upper-middle category dominated sales by 62 percent. Meanwhile, the average apartment price in Jakarta reached Rp 26.6 million per square meter (sqm) in 2019. The costs for upper-middle and upper categories are Rp 43.3 million per sqm and Rp 43.7 million per sqm, respectively.

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