Research

Jakarta Property Market Review 4Q 2023

Navigating uncertainty with cautious optimism

February 12, 2024

Contributors:

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.

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