Jakarta: The latest Residential Property Price Survey performed by Bank Indonesia (BI) revealed how residential property sales increased in the first quarter of 2021, with sales growth moving into positive territory at 13.95% (yoy) from a 20.59% (yoy) contraction recorded in the previous period.
"Respondents confirmed that stronger residential property sales were achieved across all types of residence," said BI Communication Department Head Erwin Haryono in a press release issued on Thursday.
In terms of prices, the Residential Property Price Index (RPPI) pointed to restrained growth at 1.35% (yoy), moderating slightly from 1.43% (yoy) in the previous period.
Meanwhile, respondents also expected limited growth moving forward with index growth of 1.10% (yoy) predicted in the second quarter of 2021.
According to sources of finance, the latest survey showed that most developers continued to rely on nonbank financing in the form of internal funds, accounting for 65.45% of total capital in the first quarter of 2021.
On the other hand, customers preferred housing loans disbursed by the banking industry as the primary source of financing for residential property purchases, dominating 73.67% of the total.
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