The latest market insight about all property market sectors, including office building, retail, and industrial space
Despite the positive demand in the office sector in 2023, yet the movement for Jakarta office market remains cautious, and we expect that such condition would remain unchanged. Careful assessment of space expansion amongst corporations amidst uncertainty or so-called wait-and-see, is the most likely scenario in the election year 2024.
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Omnibus Law: What would be the significance towards Property Market?
Indonesia has been fed by flashy news recently, called Job Creation Law (Undang Undang Cipta Kerja) or well known as the “Omnibus Law”. It is, actually, aimed to improve the ease of doing business and stimulate investment climate, especially under the hit on our economy due to COVID-19 pandemic.
Further Restriction, Further “Delay” of Business Operational Improvement.
During the implementation of “New Normal” in the previous quarter, business activities contracted as operations resumed. However, surging case of Covid-19 in Q3 2020 urged Jakarta Governor to impose further restriction to 25% of capacity in September, bringing business to further decelerate.
Welcoming the New Normal :
The continuation of COVID-19 Pandemic situation has led Indonesia to adjust their lifestyle as well as how-to-do business in property market as they are urged to modify their strategy in order to adapt to the new normal situation.
The “X-Factor” that Brings Down the Jakarta Property Market
The COVID-19 pandemic has led to panic and potential recession. Numerous business sectors start to get affected as well as property sector.
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