INDUSTRIES

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MARKETSRealestateinIndonesiaCHAPTER

01OverviewGrossdomesticproduct(GDP)fromrealestateactivitiesinIndonesiafrom2014to2022(intrillionIndonesianrupiah)GDPfromrealestateactivitiesIndonesia2014-2022600488.31500468.22453.78439.46406.01382.264003002001000350.49327.6294.5720142015201620172018201920202021*2022**3Description:In2022,preliminaryfiguresshowedthatthegrossdomesticproduct(GDP)fromrealestateactivitiesinIndonesiaamountedtoapproximately488.31trillionIndonesianrupiah.IndonesianGDPderivedfromrealestateactivitieshasgraduallyincreasedsince2014.ReadmoreNote(s):Indonesia;2014to2022;atcurrentmarketprices;*Preliminaryfigures.**Verypreliminaryfigures.OnethousandIndonesianrupiahisequalto0.07U.S.dollarsand0.06eurosasofJuly2023.Figureshavebeenrounded.Figurespriorto[...]

ReadmoreSource(s):StatisticsIndonesiaShareofhouseholdslivinginaresidentialunitinIndonesiain2022,bytypeofownershipShareofhouseholdslivinginaresidentialunitIndonesia2022,bytypeofownershipShareofhouseholds40%0%10%20%30%50%60%70%80%90%OwnedpropertyRentalorlease83.99%6.13%Rent-freeproperty*Officialresidence**9.08%0.8%Others

0.01%4Description:Asof2022,nearly84percentofIndonesianhouseholdsresidedinahousingunittheyowned.Incomparison,onlyaboutsixpercentofhouseholdsinIndonesialivedinarentalunit.Ingeneral,theownershiprateofahousingunitinIndonesiahasgrowninthepastfewyears.ReadmoreNote(s):Indonesia;2022;*Rent-freepropertyisaresidentialpropertywheretheoccupantsdonotpayrent,includinglivinginahousingunitownedbyafamilymember,parents,orothernon-relativeparty.**Officialresidenceiscommonlyknown[...]

ReadmoreSource(s):StatisticsIndonesiaShareofhouseholdswhoownedthehousingunittheylivedininIndonesiafrom2018to2022,byareaHomeownershipofhouseholdsinIndonesia2018-2022,byareaUrbanareaRuralarea90.35%100%91.76%90.53%90.75%89.76%90%80%70%60%50%40%30%20%10%0%78.31%73.73%71.96%71.85%72.04%201820192020202120225Description:In2022,approximately78.31percentofurbanhouseholdsinIndonesialivedinahousingunitthattheyowned.Meanwhile,around91.76percentofhouseholdsinruralareasownedtheirhouse.Theshareofruralhouseholdslivingintheirownhousingunithasgenerallyremainedconstantinthepastfewyears.ReadmoreNote(s):Indonesia;2018to2022Source(s):StatisticsIndonesiaNumberofhouseholdthataresupposedtoownahouseinIndonesiafrom2010to2023(inmillions)NumberofhouseunitbackloginIndonesia2010-20231613.5141210812.711.4611642020102015202220236Description:Asof2023,Indonesiahadabacklogofabout12.7millionhousingunits,reflectingthenumberofIndonesianhouseholdsleftwhichweresupposedtoownahouseinthecountry.Tolowerthisnumber,theIndonesiangovernmentlaunchedthe"OneMillionHouses"program(ProgramSejutaRumah)aimingtobuildonemillionhouseseachyear.Atthesametime,thehousingdemandwasexpectedtokeepgrowingduetorisingurbanizationandpopulationgrowth.ReadmoreNote(s):Indonesia;2010to2023Source(s):KementerianPUPR;Perkim.idAveragemortgageratesinIndonesiafrom1stquarter2020to2ndquarter2023AveragemortgageratesIndonesiaQ12020-Q220239.1%8.92%8.85%8.9%8.7%8.5%8.3%8.1%7.9%7.7%7.5%8.63%8.55%8.5%8.44%8.34%8.34%8.2%8.11%7.98%7.98%7.8%7.74%Q12020

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Q220237Description:Inthesecondquarterof2023,theaveragemortgagerate(sukubungaKPR)inIndonesiawasat8.34percent.Overtheobservedperiod,thelowestaveragemortgageratehappenedinthefirstquarterof2023,at7.74percent.

ReadmoreNote(s):Indonesia;Q12020toQ22023Source(s):BankIndonesiaCHAPTER

02SalesandfinancingYear-on-year(YoY)residentialpropertysalesgrowthinIndonesiafrom1stquarter2020to2ndquarter2023YoYresidentialpropertysalesgrowthIndonesiaQ12020-Q2202320%15.23%13.95%13.58%10%0%4.54%-8.26%-10.01%-10.11%-11.6%-12.3%-10%-20%-30%-40%-50%-15.19%-20.59%-25.6%-30.93%-43.19%Q12020

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Q220239/statistics/1246728/indonesia-yoy-property-sales-growthInthesecondquarterof2023,theoverallresidentialpropertysalesinIndonesiadecreasedby12.3percent.Amongthreehousingtypes(small,medium,andbighouses),thesalesforsmallhousesinIndonesiahadthemostsignificantoveralldecline.ReadmoreNote(s):Indonesia;Q12020toQ22023Source(s):BankIndonesiaYear-on-year(YoY)propertysalesgrowthforsmallhousesinIndonesiafrom1stquarter2020to2ndquarter2023YoYpropertysalesgrowthforsmallhousesIndonesiaQ12020-Q2202340%30%20%30.77%17.75%14.44%9.69%10%0%-8.27%-10%-20%-30%-40%-50%-14.36%-15.06%-15.4%-15.64%

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Q2202310/statistics/1246669/indonesia-yoy-property-sales-growth-for-small-housesInthesecondquarterof2023,thepropertysalesforsmallhousesinIndonesiadecreasedbyaround15.81percent.Amongthreehousingtypes(small,medium,andbighouses),thepropertysalesforsmallhouseshadthemostsignificantdecline.

ReadmoreNote(s):Indonesia;Q12020toQ22023Source(s):BankIndonesiaYear-on-year(YoY)propertysalesgrowthformediumhousesinIndonesiafrom1stquarter2020to2ndquarter2023YoYpropertysalesgrowthformediumhousesIndonesiaQ12020-Q2202330%20%10%0%25.86%12.25%11.26%7.03%6.55%3.63%-1.59%-10%-20%-30%-40%-50%-60%-15.17%-19.5%-20.05%-24.13%-29.28%-40.11%-50.63%Q12020

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Q2202311Description:Inthesecondquarterof2023,thepropertysalesformediumhousesinIndonesiahadasignificantdecreaseofyear-on-yeargrowthbyaround15.17percentafterexperiencingapositivegrowthinthepreviousquarter.Amongthethreehousingtypes(small,medium,andbighouses),onlythesalesforlargehouseshadapositivegrowthinthesameperiod.ReadmoreNote(s):Indonesia;Q12020toQ22023Source(s):BankIndonesiaYear-on-year(YoY)propertysalesgrowthforbighousesinIndonesiafrom1stquarter2020to2ndquarter2023YoYpropertysalesgrowthforbighousesIndonesiaQ12020-Q2202360%45.57%40%20%0%29.86%19.73%17.28%15.11%6.95%4.01%-2.75%-6.52%-12.99%-13.99%-20%-40%-60%-80%-36.71%-36.65%-60.03%Q12020

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Q2202312Description:Inthesecondquarterof2023,thepropertysalesforbighousesinIndonesiaincreasedsignificantlybyaround15.11percentafterexperiencinganegativegrowthinthepreviousquarter.Amongthethreehousingtypes(small,medium,andbighouses),onlythesalesforlargehouseshadapositivegrowthinthesameperiod.ReadmoreNote(s):Indonesia;Q12020toQ22023Source(s):BankIndonesiaLeadingsourcesoffinancingforresidentialpropertydevelopersinIndonesiaasof2ndquarter2023LeadingsourcesoffinancingforresidentialpropertydevelopersIndonesiaQ2202380%72.8%70%60%50%40%30%20%10%16.09%7.59%0%InternalfundBankloanConsumer13/statistics/1246807/indonesia-leading-financing-sources-for-residential-property-developersInthesecondquarterof2023,nearly73percentofresidentialpropertydevelopersinIndonesiafinancedtheirdevelopmentthroughtheirownfunds.Incomparison,around16percentofdevelopersfinancedtheirdevelopmentthroughbankloans.

ReadmoreNote(s):Indonesia;Q22023Source(s):BankIndonesiaLeadingsourcesoffinancingforconsumersbuyingresidentialpropertyinIndonesiaasof2ndquarter2023LeadingfundingsourceforconsumersbuyingresidentialpropertyIndonesiaQ22023Cash6.73%Cashinstallment17.25%Houseownershiploan76.02%14/statistics/1246823/indonesia-leading-financing-source-for-consumers-buying-residential-propertyInthesecondquarterof2023,around76percentofthecustomersinIndonesiafinancedtheirresidentialpropertypurchasebytakingahouseownershiploan.Incomparison,nearlysevenpercentoftherespondentspurchasedtheirpropertywithcash.ReadmoreNote(s):Indonesia;Q22023Source(s):BankIndonesiaValueofthehousingfinancingliquidityfacility(FLPP)inIndonesiafrom1stquarter2020to2ndquarter2023(intrillionIndonesianrupiah)HousingfinancingliquidityfacilityvalueIndonesiaQ12020-Q220239.08.038.07.236.737.06.05.04.03.02.01.05.985.965.685.175.084.543.332.822.292.111.75Q12020

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Q2202315Description:Inthesecondquarterof2023,thevalueofthehousingfinancingliquidityfacility(FLPP)inIndonesiaamountedtonearlysixtrillionIndonesianrupiah,showinganincreasefromthepreviousquarter.ThehousingfinancingliquidityfacilityisaprogramfromtheMinistryofPublicWorksandPublicHousingtohelplow-incomecitizensbuytheirownhomes.ReadmoreNote(s):Indonesia;Q12020toQ22023Source(s):BankIndonesiaCHAPTER

03ResidentialrealestateResidentialpropertypriceindexinIndonesiafrom3rdquarter2021to2ndquarter2023ResidentialpropertypriceindexinIndonesiaQ32021-Q22023107.5107.0106.5106.0105.5105.0104.5104.0103.5103.0Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q2202317Description:TheresidentialpropertypriceindexinIndonesiafromthethirdquarterof2021tothesecondquarterof2023hasgraduallyincreased,reachingavalueof107.26indexpointsasofthesecondquarterof2023.LandinIndonesiacanonlybeownedbyIndonesiancitizens.However,ifthebuildinghasastratatitlestatus,non-Indonesianscanalsoownanapartmentorofficespacebutnotthelandonwhichitstands.ReadmoreNote(s):Indonesia;Q32021toQ22023;basedonaveragevalueof18bigcitiesacrossIndonesia.Source(s):BankIndonesiaYear-on-year(YoY)residentialpropertypriceindexgrowthinJakartametropolitanarea,Indonesiafrom1stquarter2022to2ndquarter2023YoYresidentialpropertypriceindexgrowthinJabodetabek,IndonesiaQ12022-Q220232.4%2.3%2.2%2.1%2.0%1.9%1.8%1.7%1.6%Q12022Q22022Q32022Q42022Q12023Q2202318Description:Asofthesecondquarterof2023,theresidentialpropertypriceindexintheJakartametropolitanarea(locallyknownasJabodetabek)increasedby2.24percent.TheyearonyeargrowthoftheresidentialpropertyindexinJakartametropolitanareakeepsincreasinginthepastfewyears.ReadmoreNote(s):Indonesia;Q12022toQ22023Source(s):BankIndonesiaAveragelandpriceoflandedresidentialhomesinGreaterJakarta,Indonesiaasofthe1sthalfof2023,byregion(inmillionIndonesianrupiahpersquaremeter)ResidentialmarketaveragelandpriceinGreaterJakartaIndonesiaH12023,byregionPriceinmillionIndonesianrupiahpersquaremeter024681012141618JakartaTangerangBekasi15.6715.0710.73Bogor-Depok8.2419Description:Asofthefirsthalfof2023,theaveragelandpriceoflandedresidentialhomesinJakartawasabout15.67millionIndonesianrupiahpersquaremeter.JakartaisIndonesia'scapitalcityandfinancialcenter,andtheaveragelandpricethereishighercomparedtootherareas.TheresidentialpropertypriceinGreaterJakartaalsohasbeensteadilyincreasinginthepastdecades.

ReadmoreNote(s):Indonesia;H12023Source(s):Cushman&WakefieldAveragemonthlyinterestrateofhouseloansinIndonesiafromJanuary2020toMay2023AveragemonthlyinterestrateofhouseloansIndonesia2020-H120239.0%8.72%8.8%8.6%8.4%8.2%8.0%7.8%7.6%7.4%7.2%7.0%8.67%8.61%8.57%8.59%8.54%8.5%8.45%8.39%8.35%8.32%8.31%8.3%8.3%8.3%8.3%8.27%8.22%8.15%8%7.9%7.8%7.8%7.7%7.7%7.7%7.6%7.6%7.57%7.55%7.52%7.49%7.46%Jan

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2320Description:AsofMay2023,theaveragemonthlyinterestrateforhouseloansinIndonesiawas7.46percent.Thehouseloaninterestrateinthecountryhasgraduallydecreasedoverthepasfewyears,withadropofaround1.26percentcomparedtotherateinJanuary2020.ReadmoreNote(s):Indonesia;2020toH12023Source(s):RAveragemonthlyinterestrateofapartmentloansinIndonesiafromJanuary2020toMay2023AveragemonthlyinterestrateofapartmentloansIndonesia2020-H120238.9%8.65%8.7%8.5%8.3%8.1%7.9%7.7%7.5%8.63%8.54%8.53%8.51%8.52%8.45%8.42%8.37%8.34%8.32%8.3%8.3%8.3%8.2%

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2321Description:InMay2023,theaveragemonthlyinterestrateforapartmentloansinIndonesiawas7.71percent.Thisindicatedasignificantdecreasecomparedtotheinterestrateinthethebeginningof2020,whichstoodat8.65percent.

ReadmoreNote(s):Indonesia;2020toH12023Source(s):RSupplyoflandedresidentialunitsinGreaterJakarta,Indonesiaasofthe1sthalfof2023,byregion(in1,000units)SupplyoflandedresidentialhomesGreaterJakartainIndonesiaH12023,byregionNumberofthousandunits050100150200250TangerangBekasi210.6395.76Bogor-DepokJakarta88.6426.3422Description:Asofthefirsthalfof2023,thenumberofsupplyforlandedresidentialhomesinJakartaamountedtoaround26.3thousandunits.Jakarta,Indonesia'scapitalcityandfinancialcenter,hasaveryhighdensityandrapidpopulationgrowth.Thiscreatesahighdemandforpropertyinthecity,andtheaveragelandpricethereishighercomparedtootherareas.ReadmoreNote(s):Indonesia;H12023Source(s):Cushman&WakefieldForecastedsupplyofrentalapartmentsinJakarta,Indonesiafrom2ndhalf2023to2028ForecastedsupplyofrentalapartmentsinJakarta,IndonesiaH22023-20288007497006005004003002001000364203204181H22023202420252027202823Description:Forthesecondhalfof2023,theforecastedsupplyofrentalapartmentsamountedtoabout749units.JakartaisIndonesia'scapitalcityandfinancialcenter,manyJakartansprefertoliveinanapartmentastherearemoreaffordableoptionsforthiscomparedtoresidentialhomes.ReadmoreNote(s):Indonesia;H12023Source(s):KnightFrankCHAPTER

04CommercialrealestateCommercialpropertypriceindexinIndonesiafrom1stquarter2018to2ndquarter2023CommercialpropertypriceindexinIndonesiaQ12018-Q22023103.5103.0102.5102.0101.5101.0100.5100.0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22018

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202325Description:Asofthesecondquarterof2023,thecommercialpropertypriceinIndonesiareachedavalueof103.29indexpoints,indicatinganincreasecomparedtopreviousquarters.Inthethirdandfourthquarterof2020,therealestatemarketforofficeareasandbuildingsexperiencedadeclineduetotheCOVID-19crisis.ReadmoreNote(s):Indonesia;Q12018toQ22023;basedonaveragevalueof11bigcitiesacrossIndonesia.Source(s):BankIndonesiaYear-on-year(YoY)commercialpropertypriceindexgrowthinJakarta,Indonesiafrom1stquarter2020to2ndquarter2023YoYcommercialpropertypriceindexgrowthinJakarta,IndonesiaQ12020-Q220231.2%1.01%0.98%0.96%1.0%0.8%0.6%0.4%0.2%0.0%-0.2%0.77%0.21%0.17%0.03%0.02%0.01%-0.02%-0.02%-0.02%-0.03%-0.1%Q12020

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Q2202326Description:Asofthesecondquarterof2023,thecommercialpropertypriceindexinJakarta,Indonesiaincreasedby0.21percent.Theyear-on-yeargrowthofthecity'scommercialpropertypriceindexhasfluctuatedoverthepastfewyears,withthehighestgrowthrecordedinthesecondquarterof2022,ataround1.01percent.ReadmoreNote(s):Indonesia;Q12020toQ22023Source(s):BankIndonesiaOfficebuildingpriceindexinJakarta,Indonesiafrom1stquarter2018to2ndquarter2023,bytypeOfficebuildingpriceindexinJakarta,IndonesiaQ12018-Q22023,bytypeLeasedofficesStrata-titleoffices1051031019997959391898785Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22018

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202327Description:TheleasedofficebuildingpriceindexinJakarta,Indonesia'scapitalcity,hasfluctuatedinthepastfewyears.From97.89indexpointsduringthefirstquarterof2018,thisvaluedeclinedto89.92indexpointsbythesecondquarterof2023.Thestrata-titleoffices,ontheotherhand,remainedstablesincethefirstquarterof2019.ReadmoreNote(s):Indonesia;Q12018toQ22023Source(s):BankIndonesiaHotelpriceindexinDenpasarinBali,Indonesiafrom1stquarter2018to2ndquarter2023HotelpriceindexDenpasarinBali,IndonesiaQ12018-Q220231251151059585756555Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22018

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202328Description:Asofthesecondquarterof2023,thehotelpriceindexinDenpasarinBaliprovince,Indonesiareachedavalueof112.23points.WiththeendofCOVID-19pandemic,thetourismindustryinDenpasarhasstartedtoregainalloftheirperformancepriortotheoutbreak.ReadmoreNote(s):Indonesia;Q12018toQ22023Source(s):BankIndonesiaAveragelandpriceinindustrialareasinGreaterJakarta,Indonesiaasofthe2ndquarterof2023,byregion(inmillionIndonesianrupiahpersquaremeter)IndustrialareasaveragelandpriceinGreaterJakarta,IndonesiaQ22023,byregionPriceinmillionIndonesianrupiahpersquaremeter01234567JakartaBekasi5.752.7Karawang&PurwakartaTangerang2.622.11Serang22BogorSubang1.829Description:Asofthesecondquarterof2023,theaveragelandpriceofindustrialareasinJakartastoodataround5.75millionIndonesianrupiahpersquaremeter.JakartaisIndonesia'scapitalcityandfinancialcenter,itisnotsurprisingthattheaveragelandpricethereismuchhighercomparedtotheotheroutlyingareas.ReadmoreNote(s):Indonesia;Q22023Source(s):Cushman&WakefieldAveragerentforwarehouseanddistributionspaceinGreaterJakarta,Indonesiaasof2ndquarter2023,byregion(inIndonesianrupiahpersquaremeterpermonth)AveragewarehouserentinGreaterJakarta,IndonesiaQ22023,byregionPriceinIndonesianrupiahpersquaremeterpermonth010,00020,00030,00040,00050,00060,00070,00080,00090,000100,000JakartaBekasi94,00079,609Karawang&PurwakartaTangerang69,64365,000Bogor57,85730Description:Asofthesecondquarterof2023,theaveragerentforwarehouseanddistributionspacesinBekasiwasabout79.61thousandIndonesianrupiahpersquaremeterpermonth.JakartaisIndonesia'scapitalcityandfinancialcenter,itisnotsurprisingthattheaveragerentpricethereismuchhighercomparedtotheotheroutlyingareas.ReadmoreNote(s):Indonesia;Q22023Source(s):Cushman&WakefieldTotalinventoryofindustrialestatesinGreaterJakartaasof2ndquarterof2023,byregion(inhectares)TotalinventoryofindustrialestatesinGreaterJakartaQ22023,byregionAreainhectares8,00002,0004,0006,0005,50610,00012,00014,00016,00018,000BekasiKarawang&PurwakartaSerang5,1753,338Jakarta1,08980440080TangerangSubangBogorTotal16,39231/statistics/1039550/indonesia-total-inventory-of-industrial-estates-in-greater-jakartaAsofthesecondquarterof2023,theregionofBekasiinGreaterJakartahadabout5.5thousandhectaresofindustrialestateinventory.ThisisnotsurprisingasSoutheastAsia'sbiggestindustrialestate,KotaJababeka,islocatedintheBekasiregion.

ReadmoreNote(s):Indonesia;Q22023Source(s):Cushman&WakefieldCHAPTER

05LeadingcompaniesTotalassetsofmajorrealestatedevelopersinIndonesiaasofNovember2022(intrillionIndonesianrupiah)AssetsofmajorrealestatedevelopersinIndonesia2022TotalassetsintrillionIndonesianrupiah010203040506070PTBumiSerpongDamaiTbk(BSDE)PTLippoKarawaciTbk(LPKR)60.8956.5PTCiputraDevelopmentTbk(CTRA)PTAgungPodomoroLandTbk(APLN)PTPakuwonJatiTbk(PWON)37.8830.6326.4925.7522.85PTSummareconAgungTbk(SMRA)PTAlamSuteraRealtyTbk(ASRI)PTPPPropertiTbk(PPRO)18.4933Description:AsofNovember2022,PTBumiSerpongDamaiwasthelargestrealestatedeveloperinIndonesia,withtotalassetsofapproximately60.89trillionIndonesianrupiah.TherankingwasfollowedbyPTLippoKarawaciandPTCiputraDevelopment.

ReadmoreNote(s):Indonesia;January2022Source(s):RTotalassetsofPTBumiSerpongDamaiTbkfromfiscalyear2016to2022(inbillionIndonesianrupiah)BumiSerpongDamai'sassetsFY2016-202270,00060,00050,00064,999.461,469.7160,862.9354,54152,19145,95138,53640,00030,00020,00010,0000201620172018201920202021202234Description:In2022,thetotalassetsofPTBumiSerpongDamaiTbkamountedtoapproximately65trillionIndonesianrupiah,showinganincreaseofaround3.5trillionIndonesianrupiahincomparisontothepreviousyear.Since1989thecompanyhasbeendevelopingtheBumiSerpongDamaiCity,commonlycalledasBSD,locatedinTangerang,notfarfromthecapitalcity,Jakarta.ReadmoreNote(s):Indonesia;FY2016toFY2022Source(s):BumiSerpongDamaiRevenueofPTBumiSerpongDamaiTbkfromfiscalyear2016to2022(inbillionIndonesianrupiah)BumiSerpongDamai'srevenueFY2016-202212,00010,34710,23510,0007,6558,0006,6037,0856,6296,1816,0004,0002,0000201620172018201920202021202235Description:In2022,Indonesia'spropertycompany,PTBumiSerpongDamaigeneratedarevenueofabout10.24trillionIndonesianrupiah,showinganincreaseincomparisontothepreviousyear.Since1989thecompanyhasbeendevelopingtheBumiSerpongDamaiCity,commonlycalledasBSD,locatedinTangerang,notfarfromthecapitalcity,Jakarta.ReadmoreNote(s):Indonesia;FY2016toFY2022Source(s):BumiSerpongDamaiTotalassetsofPTLippoKarawaciTbk(LPKR)fromfiscalyear2016to2022(intrillionIndonesianrupiah)AssetsofPTLippoKarawaciTbkFY2016-20226055.0851.8752.0851.2849.8749.085040302010042.94201620172018201920202021202236Description:In2022,thetotalassetsofPTLippoKarawaciTbk(LPKR),oneofIndonesia'slargestrealestatecompanies,amountedtoaround49.87trillionIndonesianrupiah,showingadecreaseofaround2.21trillion