Jakarta: The latest Residential Property Price Survey conducted by Bank Indonesia (BI) revealed how residential property prices gained momentum in the second quarter of 2021, as confirmed by an uptick in the Residential Property Price Index (RPPI) to 1.49% (yoy) from 1.35% (yoy) in the previous period.
"Nevertheless, respondents predicted more subdued 1.12% (yoy) growth in the third quarter of 2021," said BI Communication Department Head Erwin Haryono in a press release on Friday.
In terms of sales, the latest survey pointed to a -10.01% (yoy) residential property sales contraction in the primary market in the second quarter of 2021, declining from 13.95% (yoy) in the first quarter of 2021.
A deeper contraction was offset, however, by positive sales growth affecting medium houses.
Based on sources of finance, the latest survey showed that most developers continued to rely on nonbank financing in the form of internal funds to develop residential property, dominating 66.45% of total capital in the reporting period.
On the consumer side, housing loans disbursed by the banking industry remained the preferred source of financing for residential property purchases, accounting for 75.08% of the total.
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