​​​​​​ No. 25/309/DKom  

The latest Residential Property Price Survey conducted by Bank Indonesia in the third quarter of 2023 indicates that residential property prices in the primary market are still rising annually, with growth of the Residential Property Price Index (RPPI) accelerating to 1.96% (yoy) from 1.92% (yoy) in the second quarter of 2023. 

In terms of sales, the latest survey indicates a further opportunity to improve residential property sales in the primary market in the third quarter of 2023, as sales experienced a shallower 6.59% (yoy) contraction compared with a 12.30% (yoy) contraction in the previous period. 

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 73.46% of total capital in the third quarter of 2023.  On the consumer side, housing loans disbursed by the banking industry remained the preferred source of financing residential property purchases, accounting for 75.50% of total financing in the reporting period. 

The Residential Property Price Survey is available in full for download via the official Bank Indonesia website.

Jakarta, 16th November 2023 

Communication Department

Erwin Haryono

Executive Director