How to Buy Property in Jakarta: A Complete Guide

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With a population of around 30 million people, Jakarta is set to boom once the government changes the regulations of foreign ownership. But ownership regulations are not very transparent nor favorable, compared to other countries in the region, which has resulted in a more passive approach.

Still, many foreigners have already decided to invest here, as they’ve seen the great potentials that will follow the coming years.

In this article, I explain more about Jakarta’s property market, about local property developers and which areas you should have a look at when buying property.

Jakarta real estate market

It’s important that you understand how healthy the market is where you plan to buy property. You don’t want to buy at the peak and see your property value slump after just a couple of years.

So how’s it going in Jakarta?

Property is still undervalued according to many investors, including the Chinese, who plays a big role in its neighboring countries. Indonesia has a huge consumer market, a continuously growing middle class, which has resulted in a great shortage of property as well.

But the market has been stagnating for some years now, in fact, the demand and occupancy rate has decreased by double digits. A weakened demand from the Chinese and the introduction of a 20% luxury for properties worth more than USD 750.000 are two reasons.

Unfavorable regulations of foreign ownership discourage buyers

Regulations of foreign ownership is not very favorable (see my separate guide about buying property in Indonesia), and another reason why foreigners have been discouraged to buy.

Foreigners can’t get freehold ownership, not even of condos. Instead, they need to deal with a number of other title structures that give them the right to either use or lease.

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Top 10 Property Developers in Indonesia: A Complete Guide

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Even if Asians and expats prefer to buy new property in Southeast Asia, Indonesia is one of a few countries where you have no option than to buy directly from developers.

In this article, I list some of the biggest property developers in Indonesia, many of them with headquarters in Jakarta:

  • Agung Podomoro Land
  • Lippo Group
  • Sinas Mas Land
  • Agung Sedayu Group
  • RDTX Group
  • Ciputra Group
  • Duta Anggada Realty
  • Permata Birama Sakti
  • PP Properti
  • Tokyu Land Indonesia

1. Agung Podomoro Land Tbk PT

Founded by Anton Haliman in 1969, Agung Podomoro Group is one of the top developers in Indonesia, known for building large scale projects. It’s property arm APLP is a relatively new subsidiary founded in 2004, but has already won several awards in the last few years, including the best developer in 2017 by BCI.

So far, they’ve completed more than 70 residential projects.

Property types

APLN develops mostly residential projects including townships, large scale villages, integrated development projects, and high-rise apartments. They’ve also developed a few industrial parks along with other commercial, retail and leisure properties.

Current projects

  • Orchard Park
  • Podomoro Golf
  • Metro Park Residence
  • Makassar Project
  • Borneo Bay Residence
  • Future projects
  • Pluit City
  • SOHO City
  • Harco Glodok
  • Plaza Kenari Mas
  • Vimala Hills

Prices & Areas

a. The price of a house in the Podomoro City ranges from around USD 1.5 – 2 million

b. The price of a 630 square meter house in Kuningan City is around USD 3 million

2. Lippo Group

Continue reading Top 10 Property Developers in Indonesia: A Complete Guide