Jakarta Property Market Review 4Q 2024

Indonesia's economy grew 5.03% in 2024, with similar growth projected for 2025 and a targeted VAT increase on luxury items, including luxury residences, set for 2025. Jakarta's property market showed growth and resilience across sectors. The office market exhibited recovery signs with positive Grade A demand and steady occupancy. Retail saw malls adapting tenant mixes and high occupancy in prime malls. The residential sector experienced continued trends in condominiums, while landed housing remained active. Logistics maintained steady demand with new completions and increased Chinese interest. The hospitality sector demonstrated strong recovery, with international tourist arrivals growing 30% year-over-year.

Our Jakarta Property Market Review report offers insights into the city's real estate landscape, reflecting JLL's commitment to shaping the future of real estate for a better world.