Jakarta Property Market Review 4Q 2023

Navigating uncertainty with cautious optimism

February 12, 2024
  • Yunus Karim

Indonesia's resilient economy is expected to maintain its growth in the coming year. The office sector saw a limited but positive return to net demand, driven by Grade A offices. The retail market witnessed new international entries, particularly in F&B, luxury beauty, and fashion, with expected healthy mall rental growth due to limited supply and steady domestic demand.

The condominium sector experienced a decline in sales, but the landed housing market remained robust, partly due to government tax incentives. The modern logistics warehouse sector saw record-breaking supply and demand, with third-party logistics providers being the dominant tenants. Jakarta's international visitation reached 80% of pre-pandemic levels, driven by strong corporate demand, leading to RevPAR growth across all hotel segments.

This report provides an overview of the Jakarta property market, reflecting JLL's commitment to shaping the future of real estate for a better world.

We hope you enjoy this quarter’s JPMR.

Fill out this form to download report

There was an error submitting the form. Please try again. 


Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of downloading materials you have requested.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.