Some transactions were made in Q1 2020, but by the end of April the Surabaya government had imposed large-scale social restrictions as the number of COVID-19 cases had risen rapidly. As a result, all sales activity was hampered, and both new inquiries and sales transactions were almost zero. Prices remained flat as most developers held prices at pre-COVID-19 levels, and it was pointless for developers to launch new projects, because no matter how they adjusted the price down, or offered marketing gimmicks, demand was negligible.
This is a good time for potential buyers to make transactions, as many developers are willing to negotiate to attract buyers during the pandemic. However, for developers, it is better to hold off on any new project launches and focus on finishing under- construction projects to retain their reputations