Indonesia is one of the fastest developing nations in South East Asia. Construction, Education and the overall urbanization sectors have been some of the driving factors behind the country’s economy. With the recent developments, it is only but normal that the number of citizens has also grown to dominate the leading cities.
Indonesia remains the fourth most populous country in the world. Most of its citizens, like other developing countries, prefer to live in cities for greater opportunities. Java, the country’s largest island includes Jakarta, the country’s capital and one which tops the world with the worst traffic, as per Castrol’s review. Despite the issues in the emerging Jakarta, the city also improved a lot in the past decade.
One of the country’s fastest developing sectors is the residential industry. Due to the fact that more and more individuals are attracted to the city, there is also a growing need of dwellings. And with the increase in demand, the cost is also increasing.
According to experts, the robust demand in dwelling is rapidly expanding in the middle class for mid-class apartments and luxury properties. Demand for property is also due to the growing number of expatriates, investors and businesses in the city.
The Peterson Group Bespoke Condominiums and Residences, matchmaker of luxury quality homes for expats in Singapore, Hong Kong, Kuala Lumpur, Malaysia and Jakarta, Indonesia has reported a 50% boost in clients in the urban areas of Jakarta. The company continually added that the percentage is expected to increase by 10% year on year.
The only undermining factor is the increasing price of property.
Property prices have doubled since 2009 despite the fact that the city has a lot of liability factors. Traffic is one of them. It can usually take hours on end before an individual can get through the heavy traffic on a normal day. The complaints have already reached concerning authorities and rigorous developments have been made. When these ideals and projects finish and the quality of transportation better in the city, analysts are certain the prices can triple in the next 5 years.
Prices of condominiums can surge higher, the demand more vigorous and the lifestyle can change into total urban living. Much of the expectations for property-price gains are assured to be contingent on infrastructure projects and economic reforms to fruition albeit doubts of political scams to gain. The development can be a determining factor for whether it can all come to a realization.