Analysts Expect Bearish Property Market Before Elections

The upcoming 2024 elections may bring new headwinds to the property sector’s already bearish market, projected to see a correction in sales amid the polls.

Redaksi

9 Nov 2023 - 23.16
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Analysts Expect Bearish Property Market Before Elections

Illustration - Buying and selling houses.

Bisnis, JAKARTA — The upcoming 2024 elections pose a particular concern for the property sector. Despite previous elections historically allowing the property industry to endure, caution is needed in 2024.

In addition to the elections, Indonesia is experiencing various negative sentiments, starting from the ongoing conflict between Russia and Ukraine since the beginning of last year. Furthermore, the Israel-Palestine conflict has become a concern for the global economy. Geopolitical escalation in the Middle East will impact increased energy prices and food costs, consequently affecting the domestic economy.

The US’ high-interest rate policy also threatens Indonesia's economic stability. Referring to Bloomberg data cited on Wednesday (11/8/2023) at 3:00 PM WIB, the rupiah closed 0.09% weaker, at 14 points to IDR15,650 per US dollar.

Moreover, Bank Indonesia recently raised its benchmark interest rate or BI-7 Day Reverse Repo Rate (BI7DRR) by 25 basis points (bps) to 6% in October. This rate hike aims to strengthen the stability of the rupiah due to the high global uncertainty. It acts as a preventive and forward-looking step to mitigate its impact on imported inflation.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Yusuf Waluyo Jati
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Analysts Expect Bearish Property Market Before Elections

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