Jakarta Property Market Dynamics Q1 2024

Indonesia's economic growth is expected to persist this year as the government maintains an optimistic outlook. Net demand for office spaces recorded a positive figure in both CBD and non-CBD areas across all grades. The F&B sector, fashion, and beauty continue to drive space demand in shopping malls.

Despite weak demand for condominiums, there was a slight improvement compared to the previous quarter. Healthy demand for modern logistics warehouses continues to be driven by third-party logistics providers. Luxury hotel RevPAR in the first three months of 2024 has exceeded pre-pandemic levels.

Our Jakarta Property Market Dynamics report provides an overview of the Jakarta property market, demonstrating JLL's commitment to shaping the future of real estate for a better world.