Jakarta Office Properties After Capital City Move

The relocation of the capital city from Jakarta is expected to be relatively insignificant in the property market's growth in Jakarta, particularly in terms of prices.

Yanita Petriella

12 Mar 2024 - 20.41
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Jakarta Office Properties After Capital City Move

Illustration - Jakarta city landscape in the Thamrin area./Bisnis

Bisnis, JAKARTA – It's been reported that Jakarta ceased to be the capital of the Republic of Indonesia on February 15, 2024. This change follows the enactment of Law (UU) No.3/2022 regarding the Nusantara Capital City (IKN), which specifies that two years after ratification, Law no. 29/2007 concerning the Provincial Government of the Special Capital Region (DKI) of Jakarta becomes invalid.

Article 41 of the IKN Law stipulates that the status of DKI in Jakarta will be lost if a Presidential Decree revokes its status, even though the time limit is set at a maximum of 2 years after the enactment of the IKN Law.

However, in the IKN Law, there are transitional provisions where the position, function, and role of the National Capital Region remains in the Special Capital Region Province of Jakarta until the date of the stipulation of the transfer of the National Capital Region from the Special Capital Region Province of Jakarta to the IKN by Presidential Decree.

Until today, President Joko “Jokowi” Widodo has not issued a Presidential Decree to determine the transfer of the National Capital from DKI Jakarta to IKN. However, the fate of Jakarta becomes uncertain once it no longer holds the capital city status.

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Editor: Yusuf Waluyo Jati
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Jakarta Office Properties After Capital City Move

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