BI Reports Limited Residential Property Price Growth in Q3 2024
- Perumahan Safira Wonogiri
Jakarta, VIVA – Bank Indonesia (BI) reported developments in the residential property market in Q3 2024, which showed limited price growth.
According to the Residential Property Price Survey (SHPR), the Residential Property Price Index (IHPR) grew by 1.46 percent year-on-year (yoy).
This growth slowed compared to the previous quarter's increase of 1.76 percent (yoy).
In addition to slower price growth, sales of residential properties in the primary market also experienced a significant decline.
Ilustrasi grafik properti.
- Freepik
According to a press release on Tuesday, November 26, 2024, data showed a contraction of 7.14 percent (yoy) in Q3 2024, with the sharpest decline occurring in the small house segment.
This downward trend reflects weakened consumer purchasing power in the property sector.
Meanwhile, on the financing side, property developers continue to rely heavily on internal funds for construction, contributing 74.31 percent of total funding.
On the other hand, the majority of consumers purchasing primary homes used mortgage schemes (KPR), which accounted for 75.80 percent of total transactions.
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