Residential Property Outlook for 2024 Amid 6 Percent BI Rate

Government incentives and strategic approaches from stakeholders, including developers, banks, and the property marketplace, have introduced attractive programs to the public regarding buying properties.

Yanita Petriella

5 Des 2023 - 22.08
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Residential Property Outlook for 2024 Amid 6 Percent BI Rate

Illustration - Housing cluster in Indonesia./Bisnis-Abdullah Azzam.

Bisnis, JAKARTA — Following Bank Indonesia (BI)’s rate hike from 5.75 to six percent on October 19, the central bank’s board of governors decided to maintain the benchmark interest rate or BI 7 days reverse repo rate (BI7DRRR) at six percent at during their latest November meeting.

October’s rate hike was reportedly based on five reasons: the predicted slowdown in global economic growth, the escalation of the Israel-Palestine conflict, the US Central Bank (the Fed) stance, which was projected to remain hawkish, the increasing yields of bonds of advanced economies, and the outflow of foreign capital from financial markets.

Bharat Buxani, SVP of Marketing at 99 Group Indonesia, said BI’s high rate has not affected the trends recorded on their platforms, Rumah123.com and 99.co Indonesia. However, considering that a significant portion of property purchases by the public tend to use home loans, this needs to be a concern for all stakeholders to ensure the demand for properties remains stable.

According to Bharat, the rate hike has brought about several impacts that must be addressed collectively. For instance, if banks in Indonesia raise mortgage rates, it will affect demand because the costs of purchasing and installment payments for properties tend to be higher. 

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Yusuf Waluyo Jati
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Residential Property Outlook for 2024 Amid 6 Percent BI Rate

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