Property Sector on Alert Facing Geopolitical and Rupiah Volatility

The ongoing global geopolitical tensions and the depreciation of the rupiah exchange rate have not yet significantly impacted the country's property industry. However, these current conditions are creating a sense of uncertainty.

Yanita Petriella

19 Apr 2024 - 17.00
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Property Sector on Alert Facing Geopolitical and Rupiah Volatility

Illustration for property in Indonesia./BISNIS

Bisnis, JAKARTA – The escalating geopolitical tensions in the Middle East, particularly the ongoing conflict between Iran and Israel, are prompting the property industry to remain vigilant. Moreover, the Israel-Palestine and Russia-Ukraine conflicts remain unresolved.

The rupiah's exchange rate against the US dollar depreciated, closing at IDR 16,179 on Thursday (18/4). According to Bloomberg data at 15.00 WIB, the rupiah strengthened by 0.25% to IDR 16,179 per USD, while the US dollar index weakened by 0.13% to 105.81.

Meanwhile, according to Bank Indonesia's Residential Property Price Survey (SHPR), residential property sales in the Q4 2023 increased by 3.37% year-on-year (YoY). This marks a significant improvement from the previous quarter, which saw a contraction of 6.59% YoY.

In the Q4 2023, property sales saw an increase across all types of houses, particularly medium-sized houses which rose by 6.29% YoY, and large-sized houses by 19.93% YoY. Small-sized houses also showed improvement compared to the previous quarter, although they remained in contraction territory with a decline of 1.60% YoY.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.