The government has issued a series of incentives that include a higher tax threshold and reduced down payment requirements, but analysts believe they will not be enough to revive the country’s slow real estate market.
Real estate consultant Savills Indonesia, head of research and consulting Anton Sitorus, said he expected the country’s real estate market to remain the same this year despite the stimulus, as demand will remain for the week.
He said the stimuli provided by the government and the Bank of Indonesia (BI) would not have much impact on property sales because current property prices were still considered too high.
“Those incentives and stimuli are not working at their best,” he said in Jakarta on December 20, 2019.
Although the global economy seems to be on its way to recovery, Anton continued that the country’s property growth …