Jakarta: The latest Residential Property Price Survey conducted by Bank Indonesia (BI) shows residential property prices accelerated in the fourth quarter of 2021.
Faster growth of the Residential Property Price Index (RPPI) was recorded at 1.47% (yoy) in the reporting period, up from 1.41% (yoy) in the third quarter of 2021.
"Meanwhile, respondents predicted more restrained growth of residential property prices in the primary market in the first quarter of 2022 at 1.29% (yoy)," BI Communication Department Head Erwin Haryono said in a press release on Wednesday.
In terms of sales, the Survey indicates a shallower contraction of residential property sales in the primary market in the fourth quarter of 2021, improving to -11.60% (yoy) from -15.19% (yoy) in the previous period.
Based on sources of financing, the Survey confirms that most developers continued to rely on non-bank financing in the form of internal funds for residential property development, dominating 63.33% of total capital in the fourth quarter of 2021.
On the consumer side, housing loans disbursed by the banking industry remains the preferred source of financing for residential property purchases, accounting for 75.65% of the total.
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