Condominium demand remains steady

• The condominium market remained cautious at the beginning of the year. Although total new sales showed a slight uptick from the previous quarter, the growth was modest. Buyers seemed to maintain a wait-and-see approach.
• Buyer interest remained focused on newer projects, with end-users dominating purchases. The Ramadan period, starting in March, traditionally led to a slowdown in buying activities as people postponed major decisions.

No prime condominiums launch or complete

• No new prime condominiums were launched. Developers and investors remained cautious, awaiting more favourable market conditions and improved buyer sentiment.
• While there were no prime condominium completions in the quarter, the market anticipates notable completions later this year in North Jakarta and South Jakarta.

Condominium prices remain generally flat across upper and luxury segments

• Driven by the continuation of limited transaction volume and an uncertain market, developers continue to hold prices flat. Developers focused more on boosting sales rather than raising prices.
• Developers were unlikely to lower primary market prices but explored incentives. These included offering discounts, flexible payment terms and semi-furnished units. This strategy aimed to stimulate sales while maintaining price levels.

Outlook: Market uncertainty may drive developers to extend cautious approach before entering the market

• The condominium market expects limited new launches due to uncertainties. However, demand will remain focused on nearly completed projects in prime locations. These properties’ strategic positioning and readiness are likely to attract buyers.
• As demand is expected to centre around condominiums in prime locations nearing completion, these projects may see modest price increases, reflecting the resilience of well-positioned high-end properties.