Jakarta: The latest Residential Property Price Survey performed by Bank Indonesia (BI) pointed to restrained residential property price growth in the fourth quarter of 2020.
It was reflected by a 1.43% (yoy) bump in the Residential Property Price Index (RPPI), down slightly from 1.51% (yoy) in the third quarter of 2020.
"Respondents predicted further moderation of RPPI in the first quarter of 2021, with reading of 1.17% (yoy)," BI Communication Department Head Erwin Haryono said in a press release on Tuesday.
"Residential property sales volume underwent a shallower -20.59% (yoy) contraction in the fourth quarter of 2020 compared to -30.93% (yoy) in the previous period, with the decline affecting all types of residence," he added.
Concerning sources of finance, the latest survey showed that most developers continued to rely on nonbank financing in the form of internal funds, accounting for 65.46% of total capital in the fourth quarter of 2020.
Meanwhile, customers preferred housing loans disbursed by the banking industry as the primary source of financing for residential property purchases, dominating 75.31% of total financing.
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