Michelle Natalia
IDXChannel - The latest Residential Property Price Survey conducted by Bank Indonesia in the first quarter of 2023 indicates limited annual residential property price increases in the primary market.
The growth of the Residential Property Price Index (RPPI) slowed to 1.79 percent (yoy) from 2.00 percent (yoy) in the previous period.
In terms of sales, the latest survey indicated a decline of residential property sales in the primary market in the first quarter of 2023.
"Contracting 8.26 percent (yoy) to reverse the previous expansion of 4.54 percent (yoy) recorded in the fourth quarter of 2022," Bank Indonesia Communication Department Executive Director Erwin Haryono said in a written statement on Wednesday (17/5/2023).
Based on the sources of finance, the latest Residential Property Price Survey also shows that most developers continue to rely on non-bank financing in the form of internal funds for residential property development, dominating 73.31 percent of total capital in the first quarter of 2023.
