Research

Jakarta Property Market Review 1Q 2023

Seizing Opportunities on the Path to Recovery

May 26, 2023

Contributors:

Yunus Karim

The first quarter of 2023 showed a continued positive net absorption for the Grade A office sector. Turning to shopping centres in Jakarta, family-friendly restaurants and entertainment facilities have again dominated retail activity this quarter.

However, condominium sales were still weak even though competition has not increased significantly, as indicated by the absence of new project launches this quarter. The occupancy rate of modern warehousing space in Jabodetabek remains healthy.

Since the borders in the region are now completely open, there has been a significant increase in international visitors to Jakarta, especially from important Asian countries. The city is steadily recovering to pre-COVID levels, as international visitation as of YTD February 2023 has already reached 65.4% of the levels seen in 2019.

We are excited to see how 2023 will turn out in a brighter way.

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