Anggie Ariesta
IDXChannel - The results of the latest Residential Property Price Survey conducted by Bank Indonesia (BI) in the fourth quarter of 2023 indicates that residential property prices in the primary market are rising.
However, the growth of the Residential Property Price Index (RPPI) moderated to 1.74% (yoy) in the fourth quarter of 2023 from 1.96% (yoy) in the third quarter of 2023.
Furthermore, the latest survey also reveals a quite significant rebound of residential property sales in the fourth quarter of 2023, as reflected by 3.27% (yoy) growth in the reporting period after contracting 6.59% (yoy) in the third quarter of 2023.
"Based on the sources of finance, the latest Residential Property Price Survey also shows that most developers continued to rely on non-bank financing in the form of internal funds for residential property development, dominating 72.82% of total capital in the fourth quarter of 2023," BI Communication Department Head Erwin Haryono in a media release on Monday (19/2/2024).
On the consumer side, housing loans disbursed by the banking industry remained the preferred source of financing residential property purchases, accounting for 75.89% of total financing in the reporting period. (WHY)
