According to a report by the international consulting company Colliers, as of the end of 2022, the total apartments available for sale in Jakarta reached 220,451 units, while most of the units planned for handover were not completed. It was planned that 5,936 housing units would be handed over in 2022. Most of the projects did not meet the deadlines due to the slowdown in construction caused by the pandemic. As a result, the handover of 75% of the units was postponed. It is expected that most of them will be fully completed and ready to move in this year. As a result, the expected property supply volume from 2023 to 2026 will be 22,919 units.
Until this year, West Jakarta dominated in the number of new apartments in the capital, with the majority of projects located in the Kembangan area. South Jakarta and East Jakarta will see 2% and 3% more residential projects completed over the next three years, respectively.
The Indonesian property market is growing. However, houses and apartments in the country's capital are still affordable. The city has become an attractive destination for property hunters and investors. It is expected that government measures aimed at attracting foreign investors will increase the demand for residential real estate, which will also contribute to the expansion of the construction.