The overall apartment market during 2019 was at a slack pace both demand and price side. Either existing or under-construction projects experienced a decline by 1.3% and 5.6% compared to 2018 performance. New apartment projects from reputable developers are still appealing for investors-type of buyers, while sales of others seem to be tough.
With a slower economic projection in 2020, apartment market outlook might be attributable to low purchasing power and consumers’ low appetite to buy. Given the headwinds, developers should focus on end-users targeting at first-time home buyers. Furthermore, affordable products which is less than IDR1.5 billion are still acceptable.