RI's Property Market Expected to Recover after Election: An Analysis

If political and macroeconomic conditions remain stable, REI is optimistic that the property industry can grow 7 to 10 percent this year.

Yanita Petriella

27 Feb 2024 - 19.20
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RI's Property Market Expected to Recover after Election: An Analysis

Illustration - Property business prospect.

Bisnis, JAKARTA — The property market in Indonesia is believed to have positive prospects after the elections. A smooth, safe, and successful electoral process will positively impact the property business.

Based on current vote tallies, a runoff election is growing more unlikely. A single-round election provides more certainty for businesses, allowing them to quickly proceed with their expansion plans for this year. So far, businesses have been in a wait-and-see mode, waiting for the post-election political situation to unfold before executing their business plans.

Ikang Fawzi, Deputy Chairman of the Indonesian Real Estate Association (REI), believes that conducive political succession presents an opportunity to strengthen the property industry. If political and macroeconomic conditions remain stable, REI is optimistic that the property industry can grow 7 to 10 percent this year.

Throughout 2023, the property sector remained resilient despite global economic weakening and geopolitical conflicts in Russia-Ukraine, Israel-Palestine, and other factors. According to the Investment Ministry, the property sector, including housing, industrial estates, and offices, ranked fourth in the largest investment realization last year.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.