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Home values for homes that are less than or equal to type 54 in size have the highest quarterly increases in Bekasi Regency (11%), South Jakarta City (9%), Central Jakarta City (8%), and Bogor City (8%).
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Homes that are less than or equal to type 54 experienced the highest quarterly changes of home values in North Jakarta City(-16%), West Jakarta City(-13%), and Tangerang City (-14%).
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Home values for homes with types 55 - 120 generally fell on a quarterly basis in the Jabodetabek area. The biggest changes occurred in Central Jakarta City (-10%), North Jakarta City (-9%), and South Jakarta City (-6%).
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On the other hand, home values for homes with types 55 - 120 are increasing quarterly outside the Jabodetabek area, particularly in Badung Regency (5%), Surabaya City (5%), and West Bandung Regency (3%).
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The residential property market in selected districts across Jakarta shows varied patterns depending on house size types. For house with type <= 54, price increases were only seen in Central Jakarta: Cempaka Putih (2%) and Johar Baru (4%), while most other districts remained stable quarterly or experienced declines of up to -6%. A similar trend occurred for type 55-120 houses, where only Tanjung Priok, North Jakarta (5%) and Cakung, East Jakarta (3%) recorded positive growth.
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Meanwhile, for type 121-200 houses in selected districts of Jakarta, prices tended to remain stable compared to other house type categories. Type 121–200 houses, which typically offer two-story buildings, 3–4 bedrooms, and garages/carports that can accommodate up to two cars, are a suitable choice for families that are growing larger.
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For the largest house type (type >= 201), price declines only occurred in a few districts. Areas like Cilandak and Kelapa Gading, with selling prices above IDR 6 billion, continued to show positive growth.
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The following districts offer type 121-200 houses at more affordable prices than type 55–120 houses in neighboring, more developed districts:
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In North Jakarta, the price of type 121–200 houses in Cilincing (IDR 1.7 billion) is more affordable than type 55–120 houses in Kelapa Gading (IDR 1.975 billion). Cilincing, which is adjacent to Kelapa Gading and also has equivalent public facilities, makes it an alternative for families seeking larger homes while remaining close to public amenities.
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Meanwhile, South Jakarta, with its commercial business centers, educational facilities, and adequate healthcare services, offers type 121–200 houses in Jagakarsa (IDR 2.25 billion) at a more affordable price than type 55–120 houses in Cilandak (IDR 2.3 billion). The combination of lower prices, sufficient living space, and strategic location makes Jagakarsa a fitting alternative for expanding families.
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Selling prices for type 121–200 houses in Jabodebek showed no shift compared to the previous quarter, remaining in the IDR 1.4–1.7 billion range—equivalent to the price range of type 55–120 houses in selected districts of Jakarta.
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Greater Bekasi stands out as an affordable option, with prices 17% lower than Depok. Beyond affordability, Bekasi also offers attractive investment opportunities, supported by a 15% quarterly surge in rental prices for houses with type >= 201 in Kota Bekasi.
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Bogor City also saw rental price increases of 9% for type 121–200 houses and 12% for type >= 201 houses, positioning it as an alternative to Bekasi for property investors.
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House prices in Tangerang Raya remained stable, though price growth slowed to a range of -2% to 5% quarterly, lower than the increases seen in the previous two quarters. However, type 55-120 houses in South Tangerang still grew by 5%. This growth is driven by large-scale expansions by major developers, who continue to build new residential and commercial areas, reinforcing the region’s appeal as both a livable location and investment hub. This makes it an ideal choice for families prioritizing comfort for children, while for investors, the steady price growth since last year solidifies Tangerang’s position as a long-term appreciating asset.
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Sleman Regency saw a decline in house prices across all types, with the steepest correction (-7%) for type >= 201 houses. However, as a key education hub in Yogyakarta and Central Java, coupled with consistent rental demand, Sleman remains a viable investment alternative amid stable rental prices in the area.
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In East Java, the selling price of type >= 201 houses in Sidoarjo (IDR 1.8 billion) is more affordable than type 121-200 houses in Surabaya City (IDR 2 billion). Its direct adjacency to Surabaya makes Sidoarjo an ideal choice for large families seeking proximity to the city center at a more accessible price.
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In Bali and West Nusa Tenggara, prices continued to rise for specific house types:
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Denpasar City and Badung Regency saw 2%–5% quarterly price increases for type <= 54, 55-120, and 121-200 houses.
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Meanwhile, Mataram City and West Lombok Regency recorded the highest price growth (10%) for type >= 201 houses.
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In some cities in Sumatra Island, type 55-120 house prices remained unchanged from the previous quarter. However, type >= 201 houses saw price increases: 17% in Pekanbaru and 4% in Padang.
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In contrast, Sulawesi saw declines across nearly all house types in Manado and Makassar.
National Market Summary: Limited Correction in the Large House Segment Amidst Environmental Pressures
The National Home Sell Price Index in Q1 2026 was relatively stable compared to the previous quarter, with a marginal correction of -0.1% on both a quarterly and annual basis. Although it has not yet entered an expansive phase, this condition demonstrates market resilience capable of balancing environmental pressures, such as floods and landslides, as well as the slowing of real estate activity due to the Ramadan and Eid cycles in the first quarter.
This correction was primarily influenced by a decline in the large house segment, specifically house with type >= 201, which corrected by -0.5% quarterly and -0.7% annually. Besides weather factors, the cautious stance of consumers in this premium segment was triggered by increasing tensions in the Middle East, which have created economic uncertainty. This has prompted investment buyers to be more selective and postpone decisions on large asset purchases until the geopolitical situation is more stable.
On the other hand, the small and medium house segments showed better resilience. Quarterly, a house with type <= 54 grew by 0.3% and a house with type 121–200 increased by 0.5%. Annually, higher growth was recorded, with a 1% increase for a house with type <= 54 and 0.6% for a house with type 55–120. This performance indicates that the small and medium segments remain the primary pillars of the market amidst still-limited conditions. This resilience is supported by price affordability and more basic housing needs, ensuring demand remains maintained despite disruptions in environmental conditions and accessibility in several regions.
Furthermore, the stability of the index in the small and medium house segments indicates a capital rotation phenomenon toward real yield assets. Along with the shift in the Indonesian capital market outlook to a negative outlook, investors have begun to shift their priorities from financial instruments to property assets that offer tangible rental yields. This condition makes the residential property sector remain a resilient investment instrument choice amidst capital market volatility.
Home Sell Index, Quarter 1 2026 (QoQ)
North Jakarta: Price Recovery in Cilincing, Large Houses in Tanjung Priok Still Under Pressure
After experiencing a correction in the previous quarter, house selling prices in Cilincing began to show a recovery in Q1 2026. A house with type 121–200 grew by 3%, followed by a house with type 55–120 which rose by 2%. This increase indicates that the decline at the end of 2025 was temporary. Market sentiment is also supported by plans for water management and flood control infrastructure development throughout 2026, contributing to increased confidence in the area. Additionally, the progress of the New Priok Eastern Access (NPEA) project helps maintain investment attractiveness in North Jakarta.
In Tanjung Priok, house selling prices tended to stagnate across most segments. However, a house with type >= 201 experienced a correction of -2%. This decline is in line with increasing alertness toward tidal flood risks, which are expected to continue until April 2026. The upper-middle segment appears more sensitive to such risks, tending to hold off on transactions, which has resulted in price adjustments.
West Jakarta: Selling Price Correction in the Small House Segment
The selling price for a house with type <= 54 in West Jakarta experienced a correction in Q1 2026. Decreases were recorded at -3% in Cengkareng and Kembangan, as well as -2% in Kalideres. This movement indicates pressure on the small house segment in West Jakarta.
This correction was influenced by floods that submerged several areas in West Jakarta at the beginning of the year. These conditions prompted potential buyers, especially in the small house segment which is sensitive to accessibility, to postpone purchase decisions until the situation becomes conducive again
Jakarta Pusat: Price Correction Triggered by Weather-Related Accessibility Factors
The Central Jakarta region experienced price pressure in Q1 2026 across several house segments. In Johar Baru, a house with type <= 54 corrected by -3%, while house with type 55–120 and house with type >= 201 fell by -2% each. Meanwhile, in other areas, price declines were recorded at -2% for a house with type 55–120 in Cempaka Putih and -3% for a house with type >= 201 in Kemayoran.
Similar to West Jakarta, the pressure in this region is related to heavy rainfall that caused inundation on several road sections at the beginning of the year, disrupting access in the area. These conditions limited search activities and transactions, which is reflected in price adjustments across several segments.
Jakarta Timur: Selective Increases Maintain Price Stability
The property selling price index in East Jakarta was relatively stagnant in Q1 2026, with growth occurring selectively in a few areas. In Cakung, a house with type <= 54 grew by 2%. Meanwhile, in Ciracas, a house with type 121–200 rose by 3% and a house with type >= 201 increased by 2%.
This movement is in line with the increased usage of the Jabodebek LRT in early 2026 compared to the average throughout 2025. The rise in passenger numbers reflects the growing utilization of public transportation in this region. This has further supported the attractiveness of the East Jakarta area and kept property prices competitive amidst a generally stable market condition.
Jakarta Selatan: House Prices in South Jakarta Weaken in Cilandak and Jagakarsa
Limited house selling price corrections occurred in South Jakarta in Q1 2026. In Cilandak, a house with type 121–200 fell by -2%, while in Jagakarsa, a house with type 55–120 corrected by -3%.
This movement was also influenced by high rainfall in DKI Jakarta at the beginning of the year, which triggered flooding at several points in South Jakarta, as well as landslide incidents in Jagakarsa. These conditions increased market caution, especially in segments directly affected, causing price movements in this region to tend toward limited corrections at specific points.
Bodetabek & Banten: Stable with Growth in the Middle Segment
The Jakarta satellite regions, namely Bodetabek and Banten, showed relatively stable movement in Q1 2026, with growth concentrated in middle-type houses. A house with type 121–200 experienced price increases in Bekasi Regency (4%), Tangerang Regency (4%), South Tangerang City (3%), Tangerang City (3%), and Bogor Regency (2%). In Tangerang Regency, a house with type >= 201 also grew by 4%.
The strong performance in the regency areas is driven by demand diversification that now extends beyond the e-commerce sector. Emerging demand from the FMCG, electronics, and pharmaceutical sectors, as well as the electric vehicle (EV) and renewable energy ecosystems, has become a new driving force for industrial zones and data centers, particularly in Bekasi. Market confidence in the Eastern corridor is further strengthened by the Danantara co-development project in Meikarta, marking a large-scale collaboration between the government, sovereign fund, and developers.
On the other hand, shifts in investor behavior have also influenced selling price dynamics. Following the designation of a negative outlook on the Indonesian capital market, a capital rotation has occurred where investors now prioritize assets that generate real yield. Properties in satellite areas, especially assets supporting logistics and commercial activities with high rental yield potential, have become primary targets as they are considered safer compared to current financial instruments. Infrastructure developments such as the Serpong–Balaraja toll road and improved accessibility in Bogor continue to maintain the attractiveness of these areas as competitive residential alternatives.
Although generally stable, limited corrections were seen in several areas. In Serang City, a house with type 55–120 fell by -2%, while in Bogor City, a house with type >= 201 also corrected by -2%. These declines were influenced by activity disruptions in several regions and economic pressures, such as an increase in layoffs, which prompted some potential buyers to postpone purchases.
Jawa Barat: Price Corrections Observed in Regency Areas of Greater Bandung
House selling prices in West Java showed a trend toward stagnation in the small and middle house segments, with corrections in the middle-to-upper segments, especially in regency areas. In Bandung Regency, a house with type >= 201 corrected by -2%. Meanwhile, in West Bandung Regency, a house with type 121–200 fell by -3% and house with type >= 201 weakened by -2%.
These corrections are related to high rainfall in the Greater Bandung area, which triggered annual floods and landslide incidents at several points. These conditions impacted market activity in the short term, particularly in directly affected areas.
On the other hand, Cimahi City recorded selective growth for a house with type >= 201 of 3%. This increase is supported by regional connectivity, including the Whoosh Feeder Train service integrated with the high-speed rail, following high passenger volumes in early 2026. This has further strengthened Cimahi's attractiveness and maintained price movements in certain segments.
Central Java: Growth in the Small Segment, Weakness in the Large Segment
House selling prices in Central Java showed varied movements in Q1 2026. In Semarang Regency, a house with type <= 54 and house with type 55–120 each grew by 3%. This increase was supported by rising activity in the area, including the presence of Green Open Spaces (RTH) which have become new centers of activity, as well as improved accessibility through the Bawen–Yogyakarta Toll project.
Meanwhile, corrections occurred in the large house segment in several areas. In Surakarta City, a house with type >= 201 fell by -2%, and in Klaten Regency, a house with type >= 201 corrected by -3%. This segment is dominated by large-sized houses located along or near the Solo–Jogja national arterial road. This decline is related to the operation of the Jogja–Solo toll road, which has diverted traffic flow from the main route, thereby reducing the exposure of the area. This change has also influenced location preferences, prompting price adjustments in the relevant segment.
D.I. Yogyakarta: Limited Increases in the Middle Segment
D.I. Yogyakarta showed relatively stable house selling price movements in Q1 2026, with limited growth in specific segments. In Yogyakarta City, a house with type 55–120 experienced an increase of 2%. The house with type 55–120 segment has become a preferred choice for both families and investors. Additionally, improved accessibility in line with the progress of the Jogja–Solo toll road has supported demand in this segment, driving gradual price increases.
East Java: Stable with Increases in the Small House Segment in Malang
The house selling price index in East Java tended to stagnate in Q1 2026, with limited growth in specific segments. In Malang City, a house with type <= 54 experienced an increase of 2%. This rise was supported by price points that are relatively lower compared to surrounding areas, such as Sidoarjo Regency, for the small house segment. Meanwhile, for larger house segments, prices in Malang City tend to be higher. This difference makes a house with type <= 54 in Malang more competitive, thus driving increased demand and price growth.
Bali: Limited Correction Amidst Mobility Challenges
In Q1 2026, Denpasar City experienced house selling price corrections of -2% for a house with type <= 54 and a house with type 121–200. This movement occurred following positive growth in the previous quarter, indicating a price adjustment in the market. One of the influencing factors is mobility challenges, specifically increasing traffic congestion in urban areas. This condition has begun to affect ease of access and is becoming a consideration in property purchase and investment decisions.
West Nusa Tenggara: Correction in the Small House Segment in West Lombok
West Lombok Regency experienced a house selling price correction of -3% for a house with type <= 54 in Q1 2026. This decline is related to environmental disruptions caused by high rainfall over several days, which affected regional activities. Consequently, buying interest in the small house segment tended to be withheld, prompting price adjustments.
Sumatra: Limited Growth Supported by Infrastructure, Correction in the Large Segment
In Sumatra, house selling price movements showed varied trends in Q1 2026. Growth was observed in Deli Serdang Regency, with a 2% increase for a house with type >= 201, as well as in Pekanbaru City, which recorded 2% growth for a house with type <= 54.
These increases are supported by the development of new economic zones around Kualanamu Airport and the construction of the Pekanbaru circular toll road, which has improved accessibility and regional attractiveness. On the other hand, a limited correction occurred in Lampung, with a -2% decrease for a house with type >= 201, indicating adjustments in the large house segment.
Kalimantan: Corrections in Several Regions, Selective Growth in Pontianak
In Kalimantan, house selling price movements in Q1 2026 showed a weakening trend in several regions. A correction of -2% was recorded for a house with type <= 54 in Pontianak, a house with type >= 201 in Samarinda, and a house with type 121–200 in Balikpapan. In Samarinda and Balikpapan, these declines occurred amidst a slowdown in several infrastructure projects and budget adjustments, which influenced market expectations.
Conversely, Pontianak City recorded growth of 2% for a house with type 121–200. This increase is supported by the development of the waterfront city area, which has enhanced regional appeal. However, price movements in Pontianak remain limited across segments due to environmental factors affecting certain areas.
Sulawesi: Price Stagnation Amidst Increasing Weather Risks
In Sulawesi, house selling price movements in Q1 2026 tended to be stagnant across various cities, with relatively limited changes in all segments. This pattern is consistent with the previous quarter, indicating that prices are still able to hold firm amidst less conducive conditions. The increasing intensity of rain, which triggered floods in several areas—such as those in Makassar affecting hundreds of residents—has influenced regional activity and the property market. Furthermore, tectonic earthquake activity in the Sulawesi region has added to the alertness regarding environmental risks. The combination of these factors has caused transaction activities to be withheld, resulting in no significant changes in price movements.
Maluku: Price Correction Amidst Development Slowdown
In Ambon, the selling price for a house with type 55–120 experienced a correction of -3% in Q1 2026. This decline occurred amidst a slowdown in infrastructure development and regional fiscal pressures affecting area development activities. On the other hand, initiatives to provide housing for low-income communities (MBR) indicate a shift in focus toward more affordable segments, thereby influencing price dynamics in other segments.
Papua: Price Stability Amidst Infrastructure Restructuring
House selling prices in Papua in Q1 2026 showed a stagnant trend, with minimal changes across various segments, including Jayapura. This stability occurs alongside the local government's focus on strengthening integrated infrastructure planning and implementation, particularly in improving inter-regional access. These efforts aim to open broader connectivity and support economic activity gradually. In the short term, this development process has not yet been fully reflected in price movements.
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Home values for homes that are less than or equal to type 54 in size have the highest quarterly increases in Tanjung Priok, due to the presence of new listings with more affordable prices in the Warakas Village, Tanjung Priok. Conversely, districts in Central Jakarta and South Jakarta experienced an increase in home values, particularly in Johar Baru, Senen, Cilandak, and Jagakarsa.
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Home values for homes with types 55 - 120 experienced the most significant quarterly decrease in Kemayoran, Central Jakarta (-7%) and Tanjung Priok, North Jakarta (-8%).
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Home values for homes with type of 121 or larger tended to experience stable prices on a quarterly basis, with a marginal increases occurring only in homes of type 121-200 in Cengkareng (3%) and Kramat Jati (5%), as well as homes of type 201 or larger in Duren Sawit (4%).
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Home values for homes in districts of East Jakarta remained stable on a quarterly basis, for types ranging from less than type 54 to larger than type 121.
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Specifically for homes that are less than or equal to type 54, home values in Cilincing and Kramat Jati are more affordable compared to their surrounding districts. Home values in Cilincing are 40% below those in other districts in North Jakarta. Similarly, home values in Kramat Jati are 30% below those in other districts in East Jakarta.
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Furthermore, in the areas surrounding Jakarta, home values for homes that are less than or equal to type 54 in size experienced marginal quarterly increases only in Bogor City (6%) and South Tangerang City (3%). Meanwhile, in Depok and Tangerang City, homes with type less than or equal to type 54 are the most recommended choice for first-time home ownership as the home values have decreased by up to -5%.
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In Bodetabek (Bogor, Depok, Tangerang, and Bekasi), home values for homes in Bekasi (City & Regency) and Tangerang Regency remained stable on a quarterly basis.
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Home values for home with a type of 55-120 and 121-200 in Bodetabek experienced stable prices on a quarterly basis, with marginal increases occurring in Bogor Regency (3%-4%).
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Home values for home with type of 55 or larger experienced an increase, with type 12-200 seeing a quarterly increase of 10%. This makes homes in West Bandung an attractive choice for investors seeking property with investment value due to its proximity to high-speed rail transportation.
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The same applies to home values for homes in Denpasar and Badung Regency, Bali, with an increase occurring for homes with a type of 121 or larger. This makes these areas as alternative options for investors looking to invest in the property sector.
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Specifically for homes that are less than or equal to type 54 in Depok, home values in Pancoran Mas and Sawangan are more affordable compared to surrounding districts. The same applies in Cileungsi (Bogor), Ciledug (Tangerang), Pondok Aren (South Tangerang), as well as Setu and Tambun Utara (Bekasi).
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Moving on to the islands of Sumatra and Sulawesi, home values for home in Batam and Makassar experienced stable prices on a quarterly basis for all types of homes.
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For other cities on the island of Sumatra, home values have increased, particularly for homes with a type of 121 or larger. The most significant increase was led by Pekanbaru, with a quarterly rise of 22%-24%. This indicates a trend of rising property demand in Sumatra, which is impacting the home values.
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The market for a house with type <= 54 shows a clear divergence between regions
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In North and West Jakarta, small-type houses experienced quarterly price increases in the range of 2% to 5%, led by Kelapa Gading which surged by +5%. This increase is still related to the strategic toll access of these two regions towards the Tangerang area, as well as their proximity to downtown Jakarta.
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On the other hand, the regions of Central, East, and South Jakarta experienced a correction instead, with price corrections between -1% to -4%. The sharpest decline was seen in Cilandak (-4%), indicating tight competition from properties in the buffer zones that offer more affordable alternatives.
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For families with 1-2 children looking for an inner-city house with a rational price, East Jakarta now presents an attractive opportunity. Houses with type 55-120 and 121-200, especially in areas like Ciracas and Kramat Jati, experienced a slight price correction of around -2% to -3%. This adjustment is most likely driven by increasing supply and competition, which ultimately benefits buyers by providing more property choices with more competitive prices.
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Unlike in East Jakarta, the market for houses with type 55-120 and 121-200 in South Jakarta shows solid price stability, indicating a balance between supply and demand in this mature region. Meanwhile, in the North, West, and Central Jakarta regions, their price movement also tends to fluctuate, moving within a reasonable range of between -3% to +3%.
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The luxury house segment with type >= 201 proves itself to be the most resilient to market dynamics. Although some areas like Kelapa Gading (-1%), Cempaka Putih (-1%), and Cilandak (-2%) recorded a slight decrease, this movement is very marginal. The stability in this segment shows that asset owners in this class have strong financial fundamentals and are in no rush to sell, making this segment a solid store of value amidst market fluctuations.
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Growth in the regions surrounding Jakarta this quarter is concentrated on the west side, namely Greater Tangerang. On the other hand, the eastern (Greater Bekasi) and southern (Depok and Greater Bogor) regions tend to be stable.
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The most significant price increase occurred in a house with type <= 54 in Tangerang Regency (+5%). After significant development from well-known developers targeting the middle and luxury house segments, small-type houses followed with growth to complete every demand segment there.
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As for the middle types as well as those above 201, prices only moved in the range of 0% to 2%.
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The Greater Bandung property market generally shows stability in almost all house types. This indicates that the market is in a wait-and-see phase, likely having absorbed the initial sentiment of the "Whoosh Effect" and is now waiting for the next economic catalyst.
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Then in Central Java, the selling price of a house also tends to be stable and grow slightly, especially for a house with type 55-120 in Semarang (+3%). This shows market resilience in Central Java and that there are no new catalysts to drive higher price increases.
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Continuing to East Java, a price decrease is seen for a house with type 55-120 in Surabaya (-3%) and for a house with type <= 54 in Malang City (-3%). This trend points towards an excess of listings in these segments in both cities, thus causing a more competitive price adjustment.
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The tourism sector in Bali and Lombok remains the main fuel for the growth of house selling prices in these two regions, especially in West Lombok, which rose by 3% to 4% for houses with type <= 54 as well as 55-120 and 121-200. Lombok is increasingly strengthening its position as a favorite location for investors looking for properties with long-term investment value.
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Meanwhile in Sumatera, after having experienced growth in the house with type >= 201, this quarter it experienced a slight correction, ranging from -1% to -3%. However, overall, houses in the smaller types were still able to remain stable and grow in several cities like Pekanbaru.
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In line with the continuation of development in IKN, Balikpapan City recorded an increase of +3% for a house with type <= 54 and was stable for larger house types. However, in Samarinda, price volatility occurred in the middle house segment for type 55-120 (+7%) and type 121-200 (-7%), indicating that the high-end buyer segment tends to hold back on purchasing luxury properties.
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Meanwhile in Manado, a correction occurred for a house with type 121-200 (-2%) and type >= 201 (-6%). On the other side, new development plans by property developers in Manado could be a maneuver for the recovery of the luxury house market in the future.
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In the third quarter of 2024 for the Jakarta area, house selling prices in these districts have shown stability or a decline across almost all house types
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In Cengkareng, West Jakarta, house prices for types smaller than or equal to 54 dropped by up to -8%.
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In Jagakarsa, South Jakarta, competition in the minimalist house segment with motorbike access contributed to a price drop for houses smaller than or equal to 54, with house prices decreasing by up to 50 million rupiah (-8%) compared to the previous quarter.
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House prices for the type 121-200 in Cilincing, North Jakarta, decreased by up to -13% as houses in Marunda Village and its surroundings have become more affordable than in other areas of Cilincing.
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If we look at house types, in the third quarter of 2024 in Jakarta,
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Houses smaller than or equal to 120 in Tanjung Priok continued their downward trend from the second quarter of 2024, with house prices dropping by -13% last quarter and by -4% this quarter, particularly for houses smaller than or equal to 54. This is due to the growing supply of type 21 houses with selling prices below 350 million rupiah.
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Cilincing district, North Jakarta, showed a significant drop (-13%) in the median house selling price for type 121-200, as mentioned earlier.
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Houses of type 201 or larger experienced a significant decline, reaching -9% in Pasar Minggu, South Jakarta. This decrease was driven by price competition in the luxury housing segment in Kebagusan sub-district, where several luxury houses priced below 9 billion have become increasingly available in the market.
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The decline in house prices for types smaller than or equal to 54 in nearly all selected districts in Jakarta presents an attractive opportunity for first-time homebuyers. Additionally, the planned policy of eliminating house purchase taxes by the president-elect, Prabowo Subianto, could make this a perfect moment for first-time homebuyers to acquire a house at more affordable prices when the policy is implemented.
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House selling prices in the Jakarta surrounding areas have increased, ranging from houses smaller than or equal to 54 to those larger than 201. The most significant price increase occurred for houses larger than 201 in Bekasi Regency (8%) and for type 121-200 houses in Bogor Regency (7%). The Cimanggis-Cibitung toll road, which began its operations in July 2024, has connected the JORR 2 toll road along 111 km, thereby enhancing mobility, connecting Cimanggis, Depok City, through Bogor Regency, as well Bekasi City and Regency, has implications for the increase in the investment value of homes in the area.
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In Bandung City and Regency, there has been a surge of up to 10% in house prices for types smaller than or equal to 54. One year since the operation of the high-speed train in October 2023, the consistent price increase in West Bandung Regency reflects the long-term impact of transportation infrastructure on the property market in areas along the route. However, a decline occurred for house types larger than 54 in Bandung City, especially for type 121-200 (-5%) due to decreases concentrated in several eastern districts of Bandung, such as Rancasari, Cibeunying Kaler, and Cibeunying Kidul.
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In Central and East Java, except for Malang City, house selling prices in each city generally increased for one type of house, with the most significant increase occurring for type 121-200 houses in Semarang (8%) and for houses smaller than or equal to 200 in Sidoarjo and Surabaya (up to 5%). The operational of the Djuanda Flyover, which enhances connectivity and mobility between Surabaya and Sidoarjo, is believed to strongly impact Sidoarjo’s economic growth, stimulating demand and property price increases there. Additionally, the Presidential Instruction on regional road improvements in East Java has significantly impacted infrastructure development in the region. One improvement program includes 11 road sections, one of which passes through Sidoarjo, further enhancing inter-regional accessibility.
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House prices in Denpasar City and Badung Regency, Bali, have continued their upward trend since Q2 2024, with type 121-200 house prices rising by up to 5% last quarter and increasing again by up to 2% this quarter.
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Turning to Sumatra and Sulawesi, there has been an increase in house prices in all selected cities except Palembang, led by Deli Serdang Regency, which experienced a 7-12% price increase for type 55-200 houses. In Palembang, house prices have decreased across all types except for type 121-200.
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In Kalimantan, house prices for type 55-120 in Balikpapan have shown an increase of up to 7%, while in Pontianak, house prices have remained relatively stable across all types.
National Market Summary: Equilibrium Point and a Shift in Growth Engines
The national house selling price index experienced a consolidation across all house types on a quarterly basis, with a marginal decline observed in the house with type >= 201 segment, which decreased by -0.4%. This consolidation is considered solid, especially given the dual challenges faced during this period. On the economic front, pressure on consumer purchasing power was still evident. This was compounded by non-economic challenges, where an increase in social dynamics towards the end of the quarter raised cautiousness among prospective buyers. In theory, the combination of these two factors should have pushed the market towards a correction.
However, these factors were effectively cushioned by strong policy support. A series of benchmark interest rate cuts by Bank Indonesia, which kept mortgage (KPR) rates attractive, and the continuation of the Government-Borne VAT (PPN DTP) incentive proved to be a highly effective safety net. These supportive policies successfully sustained real demand, particularly in the low-to-middle segment, thereby preventing a wider spread of negative sentiment and maintaining price stability. Thus, Q3 2025 can be viewed as a consolidation phase, where the market successfully absorbed concerns thanks to a solid policy foundation.
Meanwhile, the true picture emerges when analyzing the annual trend, where a clear divergence between segments is visible. The house with type <= 54 and 55-120 segments emerged as the backbone of the market with solid annual growth of 1.7-2.3%, confirming that the main engine of the market is currently driven by real demand from first-time home buyers, supported by government stimulus. In contrast, the house with type 121-200 segment was stagnant (0.6% YoY), and the upper-middle segment grew only slightly (0.2%). This trend indicates that Indonesia's property prices are currently driven by the affordable house segment.
Forward Outlook: The Impact of New Policies at the Beginning of Q4 2025
Looking ahead, the consolidation trend seen in Q3 has a strong potential to shift towards a more positive direction. This is driven by two significant developments at the start of Q4:
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Improved sentiment post-reshuffle: The appointment of a new economic team, perceived as credible by the market, has helped restore confidence and alleviated some of the wait-and-see sentiment that emerged in the previous quarter.
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A 200 trillion rupiah liquidity injection: This is the most impactful fundamental factor. This massive fund injection into state-owned banks will directly ease liquidity for mortgage (KPR) disbursement. This policy not only has the potential to lower lending rates but will also boost demand from the affordable to middle house market.
Therefore, the combination of positive sentiment and significant liquidity easing is expected to be the primary fuel to accelerate demand from the low-to-middle segment, while also providing a stronger foundation for national property price stability towards the end of 2025 and into early 2026.
National Rental Market: Stable Amidst Dynamics, Mid-sized Houses Drive the Market
The national house rental price index remained relatively stable in Q3 2025, with some notable observations. The house with type <= 54 segment experienced a correction of -0.7% on a quarterly basis. However, it grew by +1.5% compared to Q3 2024. This indicates that the correction was due to recent conditions, one of which is the re-extended VAT incentive for new houses, which is encouraging a shift towards homeownership. For this segment, the calculation between monthly rental costs and mortgage (KPR) installments has become increasingly competitive, prompting those with the financial capacity to accelerate their move onto the homeownership ladder.
In contrast, the rental price for house with type 55–120 grew by +0.6% quarterly and +4.2% annually, indicating that this house type is the primary driver of the rental market, thanks to high demand from growing young families. This demographic requires more space than smaller house types but is often not yet in the financial position to purchase a permanent home in their desired location. The flexibility offered by the rental market serves as an ideal solution for them.
Meanwhile, the large house with type 121-200 segment was stagnant (+0.3%) annually, and the house with type >= 201 segment grew by +2.5%. This signals specific demand in the uppermost segment, likely driven by the arrival of foreign experts or executives for national strategic projects and investments in industrial estates (as observed in Semarang and its surrounding areas). This growth, although not large in volume, indicates activity at the premium investment level.
Overall, the national rental market is adapting. Its growth is now more sustained by real demographic needs in the middle segment, while other segments are heavily influenced by government policies and the corporate investment climate.
General Overview: Local Resilience Amidst Market Stagnation
The Jakarta residential property market in Q3 2025 generally showed a divergence in trends between Central & East Jakarta compared to other regions. House selling prices in Central and East Jakarta experienced stagnation to correction in the range of -1% to -4%, with Johar Baru being the most affected by these price corrections. This condition was driven by a combination of purchasing power pressure and wait-and-see sentiment, amplified by social dynamics, particularly in the central Jakarta area.
However, amidst this weakening, micro-level observations highlight an interesting anomaly in several specific sub-districts that recorded positive growth. This increase proves that property values no longer move uniformly, but are instead heavily influenced by hyperlocal fundamental catalysts.
South Jakarta: Solid Demand from Improved Quality of Life and Connectivity
Contrary to the general trend, house with type 55-120 in Cilandak managed to record a 3% quarterly growth, supported by improvements in infrastructure quality. The main driving factor is the acceleration of flood control projects at crucial points, which significantly reduces risk perception and adds value for the young family target market. This is reinforced by area revitalization projects along business arteries such as Jl. RS Fatmawati and TB Simatupang, which in the long run enhance the aesthetic value and livability for professionals. The price growth in Cilandak is a reflection of demand from property seekers who prioritize quality of life and investment security in an environment undergoing continuous improvement.
North Jakarta: Growth Also Stems From Improved Quality of Life and Business
The next price increase was seen in house with type <= 54 in Tanjung Priok, with a 3% quarterly increase. The main driver was the intensification of river normalization programs and the dredging of water channels in densely populated areas by the North Jakarta Water Resources Sub-agency. For this residential segment, flood risk mitigation is the most tangible improvement in quality of life, directly increasing the intrinsic value of the property and market confidence. The price growth in Tanjung Priok is a reflection of economic demand based on real needs, not investment speculation.
Meanwhile, in Cilincing, the 2% growth in house with type >= 201 strongly correlates with its status as a strategic economic zone. The primary catalyst is the announcement of a new logistics route project connecting the Kalibaru Port to the toll road network, promising a drastic improvement in business efficiency. This momentum is further supported by legal certainty regarding the continuation of coastal pier development projects, which serves as a positive signal for long-term investment. The price increase in Cilincing is business-driven, where the value of its residential properties is lifted by the potential commercial value and demand from business players in the logistics and industrial sectors.
West Jakarta: Catalysts from Infrastructure Development and Commercial Activity
In Cengkareng, West Jakarta, a 2% increase in the house with type 55-120 segment and a 1% increase in the type >= 201 segment were supported by significant progress on the Kamal-Teluknaga-Rajeg Toll Road project, which will enhance the area's connectivity. Although not yet complete, the certainty of future strategic infrastructure development has already boosted the perceived investment value of properties in Cengkareng, making it an attractive option for long-term oriented prospective buyers.
Jakarta's Satellite Zones: Spillover Effect of Sentiment and Industrial Strength
When analyzed by region, the property markets in Jakarta's satellite cities show divided dynamics. In Bogor City, house with type >= 201 experienced a significant correction of -4%. This market is highly sensitive to the sentiment of Jakarta's upper-middle class. The wait-and-see sentiment that affected the capital directly spilled over to Bogor's premium market, where prospective buyers, who are predominantly Jakarta executives, postponed asset purchases.
A contrast occurred in Tangerang City, where house with type <= 54 surged by +3%. This increase was supported by strong demand fundamentals from the industrial sector. The expansion of several factories in the Cikupa and Balaraja areas, as well as improved connectivity thanks to progress on the Kamal-Teluknaga-Rajeg Toll Road, created solid demand from workers needing housing close to their workplaces.
Impact of Social Dynamics: Correction Amidst Public Pressure
Similar to the dynamics that pressed the market in central Jakarta, cautious sentiment was also felt in other major cities that experienced a significant increase in social activities in late August 2025. This rise in public tensions directly influenced the sentiment of investors and prospective buyers in the upper segment, who tend to be risk-averse. This was reflected in Bandung Regency and Makassar City, where the house with type >= 201 segment in both areas saw a correction of -2%. This decline indicates that prospective buyers of premium properties chose to postpone high-value asset investment decisions until the situation becomes more conducive.
Central & East Java: Investment Magnet and Commuter Demand
Semarang City continues to solidify its position as an investment magnet. The realization of investments from new tenants in the Kendal Special Economic Zone (KEK) and the Batang Integrated Industrial Park throughout the quarter brought in managers and experts, creating new demand for representative housing. This directly drove price increases in the house with type 121-200 and type >= 201 segments, by +3% and +2% respectively.
Meanwhile, Sidoarjo City, as a satellite area for Surabaya, showed a stable increase of +2% in the house with type <= 54 segment. This growth was driven by consistent demand from commuter workers in the manufacturing and warehousing sectors on the Surabaya-Sidoarjo border, who are seeking more affordable housing with easy access to industrial centers.
Dynamics of Markets Outside Java: Commodities, Infrastructure, and Tourism
Outside of Java, market performance is heavily influenced by local economic characteristics. Padang City recorded a +4% increase in the house with type >= 201 segment. The main catalyst was the significant acceleration of the Padang-Pekanbaru Toll Road construction project, which increased land values around the toll road and spurred optimism among local entrepreneurs.
Conversely, Pontianak City experienced a sharp decline of -6% in the same segment. This weakening is rooted in the negative trend of key commodity prices, especially crude palm oil (CPO), during Q2, the impact of which was felt in Q3 2025. The decline in income for entrepreneurs in this sector directly eroded their demand for premium properties.
A similar condition occurred in Pekanbaru City, where the house with type >= 201 segment corrected by -3%. The market here faced simultaneous pressure from the weakening palm oil sector and stagnant investment in the upstream oil and gas sector (Rokan Block), which effectively reduced demand from premium-type homebuyers.
In the tourism sector, West Lombok Regency saw a -3% correction in the house with type <= 54 segment. The third quarter is a normalization period following the peak holiday season, where a decrease in hotel occupancy and tourism activities directly impacts the purchasing power of the local community dependent on this sector.
East Kalimantan: Normalization of IKN Expectations
Samarinda and Balikpapan are showing signs of a normalization of expectations regarding the new national capital, Ibu Kota Nusantara (IKN). After experiencing speculative euphoria in previous years, property prices in Q3 2025 underwent a correction, marked by price declines in almost all house types. The slower-than-expected progress of investment in IKN and the absence of a massive population transfer have led investors to revise their expectations. This decline indicates that the market is undergoing a reality check, adjusting prices back to their fundamental values.
Manado: New Regional Hub Triggers Premium Property Growth
In North Sulawesi, house with type >= 201 in Manado grew by +4%. The primary catalyst for this growth is Manado's strengthened status as a regional hub in the Eastern Indonesia region. The increase in international flight frequencies to Sam Ratulangi Airport has triggered strong optimism among local business owners. This positive signal from business and tourism activity has directly boosted their confidence to invest in premium assets, including property.
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House selling prices in North Jakarta, West Jakarta, and Central Jakarta remain stable or decline in the fourth quarter of 2024 for houses smaller than or equal to 120. A faster increase in inventory compared to demand has led to relatively lower house prices in these areas. Nevertheless, this situation presents an opportunity for prospective property owners looking for more competitively priced houses in Jakarta.
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In North Jakarta, particularly in Tanjung Priok, house selling prices for houses smaller than or equal to 120 have dropped by up to 10%.
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Meanwhile, in Cempaka Putih, Central Jakarta, house selling prices have decreased by as much as 12% for the same type of houses.
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Meanwhile in South Jakarta, house selling price have remained stable, with an increase of up to 9% in Jagakarsa for houses. The rise in demand for residential houses in Jagakarsa has led to an increase in the price of house selling prices. Then, for houses larger than or equal to 201, house selling price is stable have remained stable, with declines observed only in Cengkareng, West Jakarta (5%), and Jagakarsa, South Jakarta (4%).
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Districts in East Jakarta exhibit the most stable house selling prices in the city, reflecting the resilience of the local property market.
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House selling prices in Tangerang Regency and South Tangerang City have increased across almost all house types, particularly for houses of type smaller than or equal to 54, which recorded an 8% rise in South Tangerang City. This increase is related to the designation of BSD as a Special Economic Zone (SEZ) in October 2024. This status is expected to attract large-scale investments and spur improved infrastructure development in the area. The resulting boost in economic activity will enhance the appeal of the region to property seekers, ultimately driving up house selling prices.
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Tangerang City also show significant increase in house selling prices, especially for houses smaller than or equal to 54, which have surged by up to 19%.. This increase is largely driven by the ongoing construction of Section 1 of the Kataraja Toll Road (Kamal-Teluknaga-Rajeg-Balaraja, which is expected to become operational in 2025.
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In other areas around Jakarta, house selling prices across all house types in Bogor, Depok, and Greater Bekasi have remained stable on a quarterly basis.
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Cimahi City, which borders Bandung City and West Bandung Regency, leads the growth in house selling prices in Greater Bandung, particularly for houses of type smaller than or equal to 54, with a 10% increase. Its proximity to the city and the Padalarang High-Speed Rail Station makes it an attractive option for those looking for a house near Bandung.
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House selling prices in Yogyakarta City and Sleman Regency also demonstrate positive growth in almost all house types. This increase is closely linked to the ongoing progress of the Solo-Yogyakarta-YIA Kulonprogo Toll Road project. Enhanced transportation access is driving up house prices in the areas surrounding Yogyakarta.
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Moving on to East Java, house selling prices in Surabaya City and Sidoarjo Regency have remained stable across almost all house types. However, in Malang City, house selling prices, particularly for houses smaller or equal to 54, have continued to decline since the third quarter of 2024, with a -10% drop this quarter due to an increasing supply of subsidized houses in the market.
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In Denpasar City and Badung Regency, house selling prices tend to rise across almost all house types, except for houses smaller than or equal to 54 in Denpasar City, which have decreased by up to 6%.
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Meanwhile, in Mataram City and West Lombok Regency, the most significant increase in house selling prices for houses of type 55-120 occured in Mataram City (9%).
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Moving to Sumatra Island, house selling prices across almost all house types have increased in Medan City and Deli Serdang Regency in North Sumatra Province.
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On Kalimantan and Sulawesi island, house selling prices for houses smaller than or equal to 120 have remained stable. In contrast, the most significant decrease, up to- 7%, occurred for houses of type 121–200 in Balikpapan City.
National Market Summary: Equilibrium Point and a Shift in Growth Engines
The National Home Sell Price Index in Q4 2025 recorded a relatively flat growth of 0.4%, both quarterly and annually. This movement indicates that the residential market is relatively stable, with limited and selective price increase trends across various regions. Price adjustments are influenced by changes in consumer purchasing power as well as increased inventory in a number of cities, so each house segment moves according to local supply and demand conditions.
When viewed by building size type, house prices on a quarterly basis are relatively stable across all types. This limited movement reflects a market that is moving selectively, amidst efforts to adjust purchasing power and add inventory in several regions. Annually, the small-sized house segment recorded growth of 0.8%, a house with type 55-120 rose by 0.5%, and a house with type 121-200 grew by 0.3%. Although growth is marginal, the small and medium segments remain the market pillar, in line with improving economic activity in several regional hubs and the upward trend in land value in education, industrial, and tourism areas. These factors help keep prices rational in accordance with purchasing power.
Conversely, a house with type >= 201 experienced a marginal correction of -0.9%. This decline is related to the preference of some consumers to delay purchases or switch to rental options in core cities, increased inventory in commuter regions, and external factors such as disasters in several areas. The pressure on the large segment shows that the market is adjusting selectively, without indicating widespread pressure.
Overall, the stability of the national index confirms that the residential market is in a consolidation phase. Price adjustments are selective, influenced by the balance between demand, purchasing power, inventory, and external factors, so price movements remain controlled in all segments.
Forward Outlook: Normalization Toward Healthy Growth
Entering 2026, the national property market has the potential to move into a more expansive phase after passing through a consolidation period throughout 2025. This acceleration is supported by several key factors:
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Stronger Macro Fundamentals: a 5–6% economic growth target, more expansive state expenditure, and a maintained deficit provide certainty for macro stability.
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Room for Financing Ease: solid credit growth at the end of 2025 opens room for the strengthening of banking intermediation and the potential for domestic interest rate cuts.
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Certainty of Housing Incentives: the extension of the 100% VAT Exemption (PPN DTP) for the 2026-2027 period and the increase in the Housing Financing Liquidity Facility (FLPP) quota have the potential to reactivate delayed transactions, particularly in the small and medium house segments.
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More Distributed Regional Growth: the recovery of disaster-affected regions and the continuation of downstreaming outside Java are expanding the local economic base.
With a combination of policy stability and maintained fiscal support, 2026 is expected to be a period of normalization toward healthier transaction growth, with affordable and middle segments remaining the primary drivers of the national market.
Pinhome Home Sell Index, Quarter 4 2025 (QoQ)
North Jakarta: Selective Residential Market Correction in the Coastal Area
North Jakarta recorded a correction in house selling prices in Q4 2025, particularly in coastal areas such as Tanjung Priok and Cilincing. House with type 55–120 in Tanjung Priok saw a -5% decline, while house with type 121–200 corrected by -3% in Tanjung Priok and Cilincing. This shift occurred amid heightened concerns over tidal flooding at the end of 2025, following warnings from BMKG and BPBD DKI Jakarta regarding potential maximum sea tides during the Full Moon and perigee phases. These environmental risks became a key factor influencing buyer perception, especially within the middle segment.
In contrast, house with type <= 54 in Tanjung Priok actually grew by 3%, reflecting price resilience in a segment that is more rational in terms of purchasing power. This confirms that the correction in North Jakarta is limited to mid-sized houses in coastal areas and is not occurring across the board.
West Jakarta: Kembangan and Kalideres Support Market Stability
West Jakarta showed a relatively stable trend, with limited growth in several districts. In Kembangan, the house selling price of house with type <= 54 increased by 3% in Q4 2025. Interestingly, the home sell index for this segment is lower than in other districts in West Jakarta, whereas Kembangan maintains a higher home sell index for larger house segments. This disparity makes smaller houses in Kembangan more competitive, effectively driving price increases.
In Kalideres, house with type 121–200 grew by 2%. Strong connectivity via the Sedyatmo Toll Road, proximity to Soekarno-Hatta International Airport, as well as access to the KRL commuter line and integrated terminals, strengthen the area’s appeal for middle-class families seeking larger landed houses with high mobility needs.
Central Jakarta: Growth in Kemayoran, Pressure on Johar Baru’s Small House Segment
In Central Jakarta, price movement patterns varied significantly between districts. The house selling price for house with type >= 201 grew by 3% in Kemayoran and 2% in Johar Baru. However, house with type 121–200 corrected by -3% in Kemayoran and -2% in Johar Baru. For smaller houses, , the contrast is more pronounced. In Kemayoran, house with type 55–120 increased by 3% and house with type <= 54 strengthened by 2%. In Johar Baru, both segments corrected by -3% and -2%, respectively.
This pattern indicates that prices in Kemayoran grew relatively evenly across various sizes, while Johar Baru faced pressure in the small-to-mid-sized segments. The growth in Kemayoran aligns with expanding commercial activity and regional revitalization plans, which support economic prospects and strengthen residential value perception in the area.
East Jakarta: Varied Dynamics in the Mid-Sized House Segment
The mid-sized house segment in East Jakarta showed varied dynamics across different areas. The house selling price of house with type 121–200 strengthened in Ciracas (3%) and Cakung (2%). This price increase was supported by improved accessibility via the Ciracas LRT Station and environmental infrastructure upgrades, such as reservoirs and drainage improvements in West Cakung by the end of 2025. The combination of better connectivity and flood risk mitigation efforts has increased the attractiveness of these two areas.
In contrast, house with type 55–120 in Kramat Jati corrected by -3%. This correction followed a fire incident in the Kramat Jati Market area at the end of 2025, which temporarily disrupted local economic activity and, in the short term, influenced market dynamics within the middle segment.
South Jakarta: Stable with Selective Correction
The home sell index in South Jakarta remained relatively stable in Q4 2025, with selective corrections in the small-sized house segment. A -2% decline occurred for house with type <= 54 in Jagakarsa and Pasar Minggu. This correction occurred amid a more cautious market stance at the end of 2025. Rising living costs and financing conditions that have not fully eased made middle-class buyers more selective in their purchasing decisions. Furthermore, increased consumer caution since the end of the previous quarter has lengthened the purchase delay cycle within the small-sized house segment. Therefore, this correction reflects an adjustment in purchasing power rather than a change in the region's fundamentals.
Bodetabek & Banten: Stable with Adjustment in Specific Segments
Jakarta’s satellite regions showed a relatively stable trend in house selling prices in Q4 2025, particularly within the mid-sized house segment. For house with type <= 54, Tangerang City strengthened by 2%, while Serang City corrected by -3%. This gap reflects uneven local economic strength. Tangerang is supported by stronger services and industrial activity, while Serang is more sensitive to purchasing power pressures.
In the large-sized house segment, house with type >= 201 in Bogor City recorded a 3% increase, indicating that demand remains solid in areas with more mature residential functions. In contrast, Bogor Regency and Bekasi Regency experienced corrections of -3% and -2%, respectively. This aligns with the increase in inventory labeled with sell urgency in the 2nd semester of 2025, that influence selective price adjustment according to each segment in each areas. Interestingly, house with type 121–200 actually strengthened by 3% in Bogor Regency, reflecting that the mid-sized house segment remains relatively resilient amidst broader market adjustments.
West Java: Limited Adjustments for Large-Sized Houses amid Environmental Risk Factors
Greater Bandung showed general stability in house selling prices in Q4 2025, despite limited corrections in the large-sized house segment. House with type >= 201 decreased by -3% in Bandung Regency and Cimahi City, indicating more selective movement in the upper segment compared to others. This condition occurred amid rising awareness of hydrometeorological risks in Greater Bandung and the implementation of a moratorium on housing development permits by the West Java Provincial Government at the end of 2025. These tighter spatial planning policies and environmental control measures have influenced market dynamics, particularly in the upper segment.
A relatively similar pattern was observed in Cirebon City, where house with type >= 201 also corrected by -3%, while Cirebon Regency recorded stagnation across nearly all segments. In the 2nd semester of 2025, the Cirebon area experienced floods and landslides, including incidents that temporarily closed access to national roads. Such mobility disruptions and environmental conditions have become additional factors affecting market caution, especially in the large-sized house segment, which tends to be more sensitive to environmental risks and accessibility certainty.
Central Java: Price Stability Supported by Industrial Expansion and Urban Governance
Central Java showed price stability with strengthening in the large-sized and small-sized house segments. House with type >= 201 recorded growth in satellite regencies such as Semarang Regency (+2%) and Klaten Regency (+3%). This movement occurred alongside the Central Java Provincial Government's encouragement for regency and city governments to propose new industrial zones to broaden the investment base and production activity. This policy direction has strengthened the Semarang–Solo–Yogyakarta corridor as a regional economic hub, influencing house selling price dynamics in satellite areas, particularly in the upper segment.
On the other hand, house with type <= 54 increased by 2% in Surakarta City. This growth aligns with the Surakarta City Government’s achievement in receiving the Innovative Government Award (IGA) 2025 as the most innovative city. This recognition reflects consistency in public service innovation and governance. A relatively well-organized urban environment and adaptive public services have helped maintain stable price movements, especially in the small house segment oriented toward urban household needs.
D.I. Yogyakarta: Tourism Activities Support Limited Grow in Yogyakarta City
House selling prices in D.I. Yogyakarta remained relatively stable in Q4 2025, with growth being more visible in Yogyakarta City. House with type <= 54 grew by 3%, while house with type 55–120 increased by 2%. In the 2nd semester of 2025, the tourism sector in D.I. Yogyakarta remained active with high visitation rates toward the end of the year, sustaining regional economic dynamics, particularly in the service, accommodation, and retail sectors. This intensity of activity shaped the residential market in the city center, especially within the small and medium-sized segments. At the same time, the densely built urban character and limited land availability within the city created selective upward pressure on house selling prices.
East Java: Sidoarjo’s Higher Segment Strengthened amid Stability East Java Market
In East Java, Sidoarjo Regency recorded a 3% increase for house with type >= 201 in Q4 2025. As a satellite area of Surabaya City, Sidoarjo provides larger landed houses at relatively more competitive prices compared to the core city, while remaining connected to economic activity hubs through arterial and toll road networks. This characteristic strengthens Sidoarjo’s role as an alternative residential area for upper-middle-income groups and business owners operating within the Surabaya metropolitan area.
The differences in land price structures and regional functions, with Surabaya as the business hub and Sidoarjo as a satellite area, create more room for price adjustments in the large house segment. This condition is reflected in the price growth of house with type >= 201, which is more visible compared to other segments.
Bali: House Price Stability Supported by Economic Activity in Denpasar
In general, house selling prices in Bali remained relatively stable in the 2nd semester of 2025, aligned with positive regional economic activity. Selective growth occurred for house with type 121–200 in Denpasar City, which rose by 2%. This movement took place amid high tourism sector performance, an increase in conferences and exhibitions (MICE), and solid service and trade sectors at the end of 2025.
The intensity of these activities maintained the dynamics of urban areas, particularly Denpasar as Bali's administrative and business hub. This strategic position is reflected in overall price stability, with growth more visible in the middle segment and no indication of widespread pressure across other segments.
West Nusa Tenggara: Economic Consolidation Maintains Property Market Stability
Mataram City and West Lombok Regency in West Nusa Tenggara recorded price stagnation across all house types in Q4 2025. This trend occurred amidst relatively stable local economic conditions. Although the development of the tourism sector has shown positive progress, the scale and intensity of its activities have not yet reached the level of primary destinations like Bali; consequently, the resulting economic dynamics have not significantly influenced house selling price movements.
Lombok's tourism sector is currently in a phase of strengthening market structures and expanding its visitor base, but this momentum remains in a consolidation stage. Meanwhile, steady prices for food and basic necessities reflect well-controlled regional inflation. The combination of these factors has created a relatively stable economic environment, resulting in flat property price movements in West Nusa Tenggara at the end of 2025.
Sumatra: Market Resilience with Selective Growth in Primary Cities
House selling prices in Sumatra remained relatively stable in Q4 2025, including in several cities that faced pressure from hydrometeorological disasters toward the end of the year. Price stagnation in the affected areas indicates that market activity remained limited during the emergency response and recovery periods.
Growth was observed in primary cities with higher resilience, such as Pekanbaru and Palembang. In Palembang, house with type <= 54 strengthened by 3% and house with type 121–200 increased by 2%, while in Pekanbaru, house with type 55–120 grew by 3%. This pattern aligns with market dynamics that were temporarily delayed during the period of extreme weather and began to move again once conditions improved.
Kalimantan: Growth in East Kalimantan, Selective Correction in West and South
An upward trend in Q4 2025 was observed in East Kalimantan. In Balikpapan, house selling prices for house with type 55–120 and house with type 121–200 each grew by 2%, while in Samarinda, house with type >= 201 increased by 2%. This movement occurred alongside the province's economic growth, which remained positive throughout 2025, sustaining business activity dynamics and economic momentum in primary cities.
In contrast, West Kalimantan and South Kalimantan recorded limited corrections for house with type 121–200, specifically in Pontianak (-2%) and Banjarmasin (-2%). These adjustments reflect selective movement within the middle segment rather than a comprehensive market downturn, as the stability of other house types indicates a process of segment-specific correction.
Sulawesi: The Role of Creative City Status in Maintaining Manado’s Market Stability
The property market in Sulawesi remained relatively stable in Q4 2025, with selective growth in Manado City. House with type >= 201 in this city increased by 2%, reflecting the stability of the large-sized house segment amidst measured market movements. This increase occurred alongside the designation of Manado as an Indonesian Creative City in 2025, which reaffirms its position as a hub for creative economy and service development in Eastern Indonesia. These dynamics helped maintain house selling price movements, particularly in the upper segment, while other segments remained relatively stable with no indications of widespread pressure.
Maluku: Selective Movements in the Ambon Residential Market
The residential market in Ambon City remained relatively stable in Q4 2025, with a slight correction of -3% for house with type 55–120. This stability was driven by the national "3 Million Houses" program, in which Ambon received an allocation of 470 units for low-income households. This additional supply helped balance the lower-segment market, keeping price fluctuations well-controlled. The focus on affordable housing has resulted in more limited price movements, creating a stable market for both developers and buyers.
Papua: Large House Price Correction in Jayapura
House selling prices in Jayapura City in Q4 2025 showed segmented dynamics. House with type >= 201 experienced a correction of -2%, while other house types remained relatively stagnant. The correction in the large house segment aligns with the city government’s focus on providing 1,000 housing units for Indigenous Papuans (OAP), which has absorbed most local developer capacity. This shift in resources has left larger houses more sensitive to demand fluctuations, while small and medium segments remain stable as they await further market impacts. This phenomenon indicates that the house market in Jayapura is adjusting to government policy directions that prioritize affordable housing for local communities.
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Homes less than or equal to type 54 experience a quarterly increase in annual rent in South Jakarta (15%), Badung Regency (12%), Bandung City (7%), and West Bandung Regency (7%).
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Annual rent for homes less than or equal to type 54 fell on a quarterly basis in Bogor City, North Jakarta, and Central Jakarta, with changes of -32%, -24%, and -22%, respectively.
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East Jakarta has the highest quarterly increase in annual rent for homes with types 55 - 120, experiencing a 20% increase. A 16% increase also occurred in West Bandung Regency.
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Annual rent in cities around DKI Jakarta generally fell on a quarterly basis. The biggest changes occurred in Tangerang City (-18%), Bogor City (-18%), and Bekasi City (-10%).
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The residential rental market in Jabodetabek also shows different dynamics for each house type. For type <= 54 houses, while most areas remain stable, slight rental price declines of -2% to -4% were observed in North Jakarta, East Jakarta, and Tangerang.
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For type >= 201 houses, rental prices in Jabodetabek were generally stable, but two cities recorded significant increases: Bekasi and Bogor rose 15% and 12% quarterly, respectively. Aligning with trends mentioned in Pinhome's Home Value Index analysis, these rental price increases serve as catalysts for those targeting houses for subleasing or property owners looking to raise rental rates.
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For mid-size houses, East Jakarta stands out with 10% rental growth for type 55-120 houses and 7% for type 121-200 houses. Similar to Bekasi, with selling prices in this area remaining among the most stable, it can be an alternative to Bekasi when closer access to Jakarta is needed. Meanwhile, Bogor City also shows positive trends with a 9% increase for type 121-200 houses.
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In Greater Bandung, particularly in Bandung Regency and West Bandung Regency, rental prices for type <= 54 and type >= 201 houses decreased by more than -7% quarterly, indicating market stagnation after previous quarters' growth. For renters, this presents an opportunity to secure more competitive rates, while property owners may need to reevaluate pricing strategies or property differentiation to maintain market appeal.
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Meanwhile, Semarang recorded rental price declines across all house types, following increases in the previous quarter. In contrast, Surabaya, Malang, and Sidoarjo showed stable rental prices this quarter.
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Moving to Bali, Denpasar continues to experience rental price increases across all types (5% to 8%), sustaining momentum since 2024. This growth is driven by factors including strong tourism demand, expatriate activity, and domestic migration. For investors, Denpasar remains an attractive rental property location, particularly if tourism trends and infrastructure development continue to support growth.
National Rental Market: Small Type House Lead Rental Index Growth
The National House Rental Index in Q1 2026 recorded positive growth across all building categories, signaling the resilience of Indonesia's residential property market amidst the slowdown in activity due to the Ramadan and Eid cycles. Quarterly, growth was led by a house with type 55-120 at 0.8% and a house with type <= 54 at 0.7%. This trend reflects urban dynamics driven by the full return of physical activity in office centers and educational institutions, triggering a surge in demand for functional housing near major economic nodes.
Annual growth showed a much more aggressive performance in the house with type 55-120 segment with a 2.6% increase, followed by the house with type >= 201 segment at 2.3%. These figures confirm a long-term recovery in demand for family housing. This increase is heavily influenced by positive sentiment from new economic zones and independent growth centers, such as the Greater Tangerang area, which gained momentum from its Special Economic Zone (SEK) status and the expansion of international campuses.
At the micro level, this national growth is the result of a balance between various regional dynamics. Although areas such as Central Jakarta and Surabaya experienced price increases due to infrastructure acceleration and CBD reactivation, the national index also accounts for price corrections occurring in areas affected by disaster risks or industrial slowdowns, such as Greater Bandung. These dynamics are also influenced by capital rotation into property assets that promise real rental yields amidst challenges in the Indonesian capital market, which currently holds a negative outlook. Pressures from natural factors and industrial efficiency in certain regions serve as balancing variables that keep the national growth index at a healthy and moderate level.
Stability in the large house types on a quarterly basis, growing only 0.1% to 0.2%, indicates that the premium housing market tends to move more slowly yet remains stable in the short term. Conversely, an annual performance reaching 2.3% for a house with type >= 201 proves that this segment remains the primary choice for tenants from managerial and expatriate circles who are becoming active again in line with solid national economic projections.
Closing this first quarter, the rental market outlook remains optimistic, supported by national economic growth projections in the range of 5.1%–5.4%. The presence of new connecting infrastructure, such as integrated toll roads in satellite areas and improved access in major cities, will continue to be the driving engine for rental prices. For asset managers and tenants, 2026 is a period where the strategic value of location and accessibility to business centers become key factors in determining national rental values.
Home Rental Index, Quarter 1 2026 (QoQ)
Jakarta: CBD Office Activity Drives Rental Increases
House rental price movements in Jakarta in Q1 2026 showed a selective trend concentrated in business center areas. The recovery of the office market has become the primary driver for the residential market in surrounding areas.
Jakarta Pusat: The Main Engine of Growth
The most significant rental price increases occurred in Central Jakarta for a house with type 55-120 (+5%) and a house with type <= 54 (+3%). This aligns with reports noting a 1.4% (YoY) increase in CBD office occupancy and a 1.7% (QoQ) rise in base office rental rates. Aggressive business activity has triggered high demand for city-center housing to improve commuting efficiency.
Jakarta Timur: Spacious Housing Alternative
East Jakarta also recorded increases in the large house with type >= 201 segment (+5%) and the middle house with type 55-120 segment (+3%). This region is increasingly favored as an alternative for families seeking more spacious dwellings while maintaining adequate accessibility to business centers.
Stability in Other Regions
Meanwhile, rental prices in South Jakarta, North Jakarta, and West Jakarta remained stable across all types. National economic growth projections at the 5.1%–5.4% level in 2026 strengthen indications that housing rental demand, especially in areas directly connected to business centers, will remain on a positive trend.
Bodetabek: Educational Expansion and SEZ Status Boost Rentals in Greater Tangerang
House rental prices in Jakarta's satellite areas in Q1 2026 showed a very strong growth trend in the Greater Tangerang region. The main drivers are the massive expansion of commercial areas and the international education sector centered in that region.
Greater Tangerang became the highlight of this quarter with even increases across various types. In Tangerang City, a house with type 55-120 rose by 2% and a house with type >= 201 rose by 3%. Meanwhile, in South Tangerang City and Tangerang Regency, a house with type <= 54 and a house with type 55-120 recorded increases of 2%.
This rise was driven by the designation of BSD as a Special Economic Zone (SEZ/KEK), which triggered the opening of various international campuses and hospitals throughout 2026. The expansion of Monash University Indonesia, which began offering undergraduate classes in June 2026, serves as a major catalyst for small and middle house type demand (house with type <= 54 and house with type 55-120) to accommodate the needs of students and faculty. This positive sentiment is further strengthened by the property industry's activity in Greater Tangerang, which continues to grow due to the development of new commercial districts.
In the Bogor region, growth was concentrated in Bogor Regency for a house with type 55-120, which rose by 3%. This indicates a shift in demand to the regency area, which offers middle-segment housing with steadily improving accessibility. Meanwhile, Bogor City and Depok remained stable, showing a balanced market absorption of the available housing stock.
Greater Bandung: Disaster Pressure and Industrial Efficiency Correct Rental Prices
The residential rental market in the Greater Bandung area in Q1 2026 showed a correction trend in the satellite regions, while Bandung City remained stable across all building types. In West Bandung Regency, the rental price for a house with type <= 54 corrected by -2% due to a wave of mass layoffs that weakened worker purchasing power, exacerbated by the risk of landslides in the Cisarua and Parongpong areas which damaged residents' assets. Meanwhile, Bandung Regency recorded a -3% decrease in the house with type >= 201 segment, aligned with increasing alertness toward annual flooding in the Dayeuhkolot area due to high rainfall. Environmental safety factors and the economic stability of workers have become the primary variables pressuring rental prices outside the city center at the beginning of this year.
Semarang & Sleman: Wage Increases and Inflation Drive Rental Dynamics Amidst Corrections in Specific Segments
House rental prices in the Semarang and Sleman regions in Q1 2026 recorded movements influenced by wage policies and macroeconomic pressures. In Semarang City, a house with type 55-120 experienced a 3% increase, which correlates with the rise in the City Minimum Wage (UMK) and potential inflation at the start of the year. This wage increase prompted property owners to adjust prices to compensate for rising operational costs and maintain the economic value of their assets. Conversely, a house with type <= 54 in Semarang actually corrected by -2%, indicating a decline in absorption within that segment. Meanwhile, in Sleman Regency, the rental price for a house with type >= 201 fell by -2%, reflecting a market correction for premium dwellings, while other house types tended to remain stable. Strict price control strategies have become key for tenants facing rental price fluctuations in both regions.
East Java: Infrastructure Acceleration and Education Sector Strengthen the Rental Market
House rental prices in East Java in Q1 2026 showed a selective growth trend in Surabaya and Malang, while the Sidoarjo region remained stable across all types. In Surabaya City, a house with type <= 54 recorded a 2% increase following the completion of the Radial Road Lontar project in March 2026. The opening of this new road access, which connects the West Surabaya area, has improved mobility efficiency and the strategic value of housing for workers in the city center. Meanwhile, in Malang City, an increase occurred in the house with type >= 201 segment by 2%. This was triggered by the announcement of thousands of new student admissions via the SNBP track at three major state universities, which instantly boosted demand for collective housing and residential homes for migrant families around the educational zones. The integration of transportation infrastructure and the activity in the academic sector have been the determining factors for the rising rental index in both cities at the beginning of this year.
Denpasar: Saturation of Small Housing Stock Triggers Rental Price Correction
In Q1 2026, the rental market in Denpasar showed a stable trend across almost all types, except for the small house category (house with type <= 54) which experienced a decrease of -2%. Given the absence of extreme disaster or macroeconomic sentiment in this region, the correction indicates a saturation point in the compact housing segment. This was likely triggered by an oversupply of small units or studio-style dwellings in the city center that has begun to exceed actual demand. On the other hand, stable prices for middle and large house types indicate that demand for family housing remains solid, while tenants in the small house segment are beginning to have higher bargaining power or are shifting to satellite areas to find better economic value.
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Homes less than or equal to type 54 in DKI Jakarta experienced a quarterly decreased in annual rent in North Jakarta (-35%), Central Jakarta (-16%), and West Jakarta (-11%). Meanwhile, annual rent prices have remained stable in East Jakarta and South Jakarta.
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Conversely, in the cities of Depok, Bogor, and Bekasi, annual rental prices for homes with a size less than or equal to type 54 have increased on a quarterly basis. Meanwhile, annual rental prices in Bogor Regency and South Tangerang have remained stable across all home types.
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In line with the increase in home values, homes with a type of 55 to 200 in Denpasar and Badung have experienced the highest quarterly increase in annual rental prices. Similarly, annual rental prices in West Bandung have increased across all home types.
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The rental market in Jakarta in the second quarter of 2025 shows dynamics in each house type.
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A house with type <= 54 in North Jakarta experienced a slight correction of -3% quarterly. This decrease continues the decline from the previous quarter, due to a weakening demand for small-type house rentals there.
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Houses with type 55-120 and 121-200 were stable across all Jakarta regions quarterly.
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For a house with type >= 201, a decrease only occurred in West Jakarta (-4%), where the same house type had previously increased by 4% in the first quarter of 2025.
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In the Bodetabek region, Depok was the only city with a rental price decrease across all house types. This is related to a surplus of listings meeting the academic holiday period. Meanwhile, in Tangerang City, a house with type >= 201 grew by 9% quarterly, reflecting the high residential demand in Greater Tangerang.
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The rental market in Greater Bandung tends to be stable and is in a wait-and-see phase. The correction for a house with type <= 54 in West Bandung (-4%) continues the decline since the first quarter of 2025.
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In Central Java, Sleman Regency was still able to maintain rental price stability, despite the semester holiday season, with a minimal correction only occurring in a house with type >= 201.
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Continuing to East Java, Malang City experienced a surge in rental prices for a house with type >= 54, by 12% quarterly. On the other hand, a strong increase in Sidoarjo Regency (+8%) for a house with type >= 201. This shows a divergence of demand in Malang and Sidoarjo.
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The annual house rental price increase for houses smaller than or equal to 54 in Jakarta occurred in Central Jakarta (52%) and East Jakarta (8%). Despite the significant rental price growth in Central Jakarta, the annual rental price since Q1 2024 has ranged between 20 million to 30 million rupiah per year. Conversely, the annual house rental price in South Jakarta has remained stable since Q2 2024.
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For houses larger than 54 in Jakarta, annual rental prices have generally remained stable or decreased, with the most significant drop occurring in Central Jakarta, up to -18%.
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In the Jakarta surrounding areas, aside from Depok City and Bogor City, houses smaller than or equal to 200 have experienced an increase in annual rental prices. The most notable increase occurred in South Tangerang City (20%), driven by a growing trend of house rental searches in Bintaro, South Tangerang, correlating with rising annual rental prices in the area. On the other hand, Bogor City saw the most significant annual rental price decrease for houses of type 121-200 (-17%) and type smaller than or equal to 54 (-6%). Furthermore, rental prices in Depok City remained stable in Q3 2024.
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In Bandung City, Bandung Regency, and West Bandung, annual rental prices for houses smaller than or equal to 54 have generally declined, with the most significant decrease occurring in West Bandung Regency (-11%). However, overall, houses larger than 54 have seen an increase in annual rental prices.
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In Central and East Java, annual rental prices for houses smaller than or equal to 54 have risen, led by Surabaya City with an increase of up to 8%. On the other hand, houses larger than 54 have experienced price fluctuations, with a general trend of declining annual rental prices. The most significant decrease was for houses larger than 201 in Semarang City (-20%), driven by rental price dynamics in Banyumanik district, which recorded the sharpest decline compared to other areas.
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A similar trend occurred in Denpasar City, where annual rental prices for houses smaller than or equal to 54 increased by 4%. However, houses larger than 54 saw a decline, particularly for type 55-120 houses, which experienced a decrease of up to -9% in annual rental prices.
DKI Jakarta: Pressure from Apartments & New House Supply
The house rental market in DKI Jakarta tended to weaken in Q3 2025, especially in the small-to-medium segments. House with type <= 54 corrected by up to –3% across all cities in DKI Jakarta, while house with type 55–120 in South Jakarta also corrected by –3%. This correction is closely linked to stiff competition from the apartment supply, which is increasingly attractive to young renters and small families.
Conversely, house with type 121–200 in South Jakarta grew by +2%. Residences in this segment have become a prime choice for expatriates seeking locations near international schools during the new academic year momentum. With a size that is still adequate for families but more affordable than house with type >= 201, this segment has emerged as the “sweet spot” in the South Jakarta rental market.
For house with type >= 201, a –2% correction occurred in West and Central Jakarta. Competition in this segment comes not only from other landed houses but also from serviced and premium apartments that offer comprehensive facilities more suited to expatriates or employees on temporary assignment. Furthermore, many large houses built by renowned developers in the Greater Jakarta (Jabodetabek) area that failed to be absorbed by the sales market were eventually diverted to the rental market, adding pressure to the premium segment. A similar phenomenon was observed in satellite cities like Depok City (–2%) and Tangerang City (–3%), which also experienced corrections for the same house type.
Jakarta's Satellite Zones: Transportation & Industry Drive the Rental Market
In contrast to Jakarta, small to medium-sized houses in the satellite zones recorded rental price growth in Q3 2025. The rental price for house with type <= 54 in Bogor Regency rose by +2%, while house with type 55–120 grew by +3% in Depok, Bekasi City, and Bekasi Regency. This growth signals a market shift from Jakarta to its satellite cities as more affordable alternatives. The availability of mass transportation such as the KRL Commuter Line, LRT Jabodebek, and Transjakarta further strengthens the appeal of these areas due to their direct connectivity to the city center.
The rental market is driven not only by Jakarta commuters but also by housing needs for laborers and professionals in manufacturing industrial estates. This is reflected in the rental price growth in the industrial city of Bekasi Regency, which not only occurred in the middle segment but also trickled up to larger house segments like type 121-200 and type >= 201, both growing by +2%.
Greater Bandung: Pressured by the Sell Market Stimulus
Rental price corrections were also observed in the Greater Bandung area, particularly in the small house segment. House with type <= 54 corrected by -3% in Bandung City and -2% in West Bandung Regency, while in the large house segment, house with type >= 201 in Bandung Regency declined by -2%. This pressure stems from an increasing supply of new housing that is not only focused in the city center but is also sprawling into surrounding prospective areas. The extension of the Government-Borne Value Added Tax (PPN DTP) incentive until the end of 2025 has further spurred a shift for some renters to become homeowners. This condition has tightened competition and suppressed rental prices, especially in the small house segment which is most sensitive to market changes.
In Central Java, Semarang City has once again reaffirmed its role as a hub for logistics and supporting services, from banking and education to healthcare. This is reflected in the +3% rental price growth for house with type 55–120 in Q3 2025. External factors, such as investment activity in the Kendal Special Economic Zone (KEK) which directly borders Semarang, provided an additional boost, as the surge in rental housing demand from industrial players spilled over into the city.
Central & East Java: Rental Market Driven by Economic & Education Zones
In Central Java, Semarang City has once again reaffirmed its role as a hub for logistics and supporting services, from banking and education to healthcare. This is reflected in the +3% rental price growth for house with type 55–120 in Q3 2025. External factors, such as investment activity in the Kendal Special Economic Zone (KEK) which directly borders Semarang, provided an additional boost, as the surge in rental housing demand from industrial players spilled over into the city.
Meanwhile, in East Java, Malang City recorded similar growth of +3% for both house with type <= 54 and type 55–120. Malang's status as a student city, with its numerous major universities, maintains stable rental demand. The housing needs for students, lecturers, and educational support staff make Malang's rental market more resilient, while also driving up rental prices in the small to medium-sized house segments.
Outside Java: Transformation of the House Rental Market in Denpasar
House rental prices in Denpasar City experienced a correction across all building types, with declines ranging from -2% to -3% in Q3 2025. The rental market in Bali is now showing a shift from long-term contracts to more tourism-oriented short-term leases. Previously, the long-term rental market was largely propped up by digital nomads and remote workers. However, the return-to-office (WFO) trend has reduced the number of long-stay remote workers in Bali. On the other hand, increasing competition among digital nomads has encouraged a more frugal lifestyle, thereby reducing absorption in the long-term rental segment. This shift has ultimately strengthened the dominance of the short-term tourism rental market and driven a price correction for long-term house rentals in Denpasar.
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Annual house rental price in Jakarta tended to be stable to decline, particularly for houses smaller than or equal to 200.
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House rental price for houses of type 121-200 in East Jakarta have declined again by up to -7% in this quarter, following a -6% decline in the previous quarter.
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The most significant decrease, of up to -9%, occurred for the same type of houses in North Jakarta, where the annual rental price fell by 10 million.
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House rent demand in Bodetabek is growing faster on a quarterly basis than Jakarta, leading to relatively higher annual house rental prices in Bogor, Depok, Tangerang, and Bekasi, particularly for houses smaller than or equal to 120. This provides an opportunity for property owners to maximize their income with higher rental prices. On the other hand, property renters may consider long-term rental as an opportunity to negotiate for lower prices.
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In quarter 4 2024, house rental price in West Java, such as in Bogor, Depok, Bekasi, and Greater Bandung, tend to increase for houses smaller than or equal to 120, while house selling price trends remain relatively stable.
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Annual house rental price for houses of type 55-120 in Semarang City, Sidoarjo Regency, and Malang City are declining, with the most significant decrease of 3 million per year occurring in Semarang City.
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Meanwhile, annual house rental price remain stable in Surabaya and Denpasar City.
National Rental Market: Stable with Support from Middle and Upper Segments
The National Home Rental Price Index in Q4 2025 recorded a marginal quarterly growth of 0.6%, but experienced a -1% correction annually. This trend indicates that the rental market is generally stable, with limited price movement following adjustments in the previous quarter.
Looking at building size types, the quarterly trend is relatively stable with slight increases in all segments. A house with type <= 54 rose by 0.4%, a house with type 55-120 rose by 0.1%, a house with type 121-200 increased by 0.5%, and a house with type >= 201 also rose by 0.5%. This limited increase indicates a rental market stabilization phase, with growth more visible in the middle and large segments compared to the small segment.
Annually, strengthening is more consistent in the middle and upper segments. A house with type 55-120 grew by 1.5%, a house with type 121-200 rose by 1.6%, and a house with type >= 201 increased by 2.3%. This pattern reflects that tenants with higher purchasing power are relatively more resilient to inflationary pressure and rising living costs, particularly in economic hubs such as South Jakarta, Central Jakarta, and Bekasi Regency. Demand from professionals and expatriates continues to support the middle-upper segment, while simultaneously showing a shift in interest from the purchase market to the rental market.
Meanwhile, a house with type <= 54 still recorded a -0.3% annual correction. This decline is influenced by an increase in secondary house inventory in several regions, which is holding back rental price increases in the lower segment. Overall, the stability of the national index shows that the rental market remains a rational alternative amidst the postponement of house purchases, with growth primarily supported by industry-based regions and centers of economic activity, while secondary cities remain in a consolidation phase.
Pinhome Home Rental Index, Quarter 4 2025 (QoQ)
DKI Jakarta: High Cost of Living Drives Strengthening of Jakarta's Rental Market
At the end of 2025, the BPS-Statistics Indonesia released the results of the Cost of Living Survey, which once again placed DKI Jakarta as the region with the highest cost of living in Indonesia. This condition has driven a shift in housing preferences, where some consumers choose to rent rather than buy a house. Flexibility and a lighter financial commitment burden are primary considerations, especially amidst the pressure of living costs and high mobility needs within the city.
This shift in preference is reflected in the strengthening of the House Rental Price Index in Jakarta in Q4 2025. The rental price for a house with type <= 54 rose by 3% in South Jakarta and 2% in West Jakarta and Central Jakarta. Strengthening also occurred for a house with type 55-120 in Central Jakarta (3%) and a house with type >= 201 in West Jakarta (2%). This pattern shows that areas with high economic activity remain the primary support for rental demand, as households seek to maintain total housing and transportation cost efficiency compared to taking on purchase commitments in peripheral areas.
Jakarta's Satellite Regions: Effect of Manufacturing Expansion and Secondary House Inventory Boom
In Q4 2025, the rental market in Jakarta's satellite regions showed different directions in each area. In Greater Bekasi, manufacturing industry expansion is reflected in the strengthening of rental prices in Bekasi Regency, especially for a house with type 121–200 (3%) and a house with type >= 201 (2%). Demand in this segment is driven by the need for housing for managerial and professional level workers in industrial areas. Bekasi City is relatively stable across all types, reflecting a more maintained supply and demand balance.
Conversely, Greater Bogor is experiencing pressure. Bogor Regency recorded a correction of -2% across almost all types, in line with the increasing secondary house inventory that is holding back rental price increases. Depok City also experienced a correction of -3% for a house with type <= 54 and a house with type 55-120, while a house with type >= 201 rose by 3%, indicating more selective demand in the upper segment. Bogor City is relatively stable with a 2% increase for a house with type <= 54, indicating that the city area remains a commuter choice due to more concentrated infrastructure and public facilities compared to the regency area.
Greater Bandung: Shift in Rental Preferences to the Transit Oriented Development Corridor
The rental market in Greater Bandung in Q4 2025 showed the influence of transportation infrastructure. A house with type <= 54 in Bandung City and West Bandung Regency each strengthened by 3% and 2%. This increase is related to improved accessibility in the corridor connected to the Whoosh high-speed rail via Padalarang, which increased the attractiveness of housing around the station.
Conversely, a -2% correction in Bandung Regency reflects a market consolidation phase while supporting access to Tegalluar Station is being finalized. This price adjustment actually maintains the competitiveness of the Rancaekek and Cileunyi areas, making them the next growth center, with competitive entry points for tenants before reaching full infrastructure maturity as in the western corridor.
Central & East Java: Non-Uniform Rental Dynamics in East and Central Java
The residential rental market in East Java generally showed a stable trend in Q4 2025, although there was a -2% correction for large house with type >= 201 in Malang City. This condition is related to the direction of foreign investment, which in the last two years has been more concentrated in the manufacturing and commercial property sectors, such as shophouses and warehouses. The focus on productive assets has caused the rental uptake of high-end residential properties in secondary cities like Malang to move more slowly.
Unlike East Java, the rental market in Central Java showed strengthening, particularly in Sleman Regency, mainly for a house with type <= 54 (3%) and a house with type >= 201 (2%). Rising property sale prices in Yogyakarta due to land scarcity and high development costs are driving some households to switch to renting. Sleman remains a primary housing location due to its proximity to education and tourism hubs.
Outside Java: Consolidation and Recovery of the Denpasar Rental Market
After experiencing a correction in the previous quarter due to a shift from long-term rentals to tourism-based rentals, the house rental market in Denpasar City showed stabilization in Q4 2025. Rental prices for a house with type <= 54 rose by 2%, and a house with type 121–200 strengthened by 3%. This increase reflects a normalization phase following price adjustments in the previous quarter.
Amidst the stability of the tourism sector and increasing local economic activity at the end of the year, mid-term housing demand has reformed, especially from workers in the service, hospitality, and business sectors who are staying for longer periods. While the market was pressured in Q3 by a decline in remote tenants due to the "return to office" trend, the market in Q4 adapted with a more selective demand structure based on real economic activity. The price strengthening at the end of the year reflects market consolidation after a correction phase.
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