Jakarta real estate firing on all cylinders
Despite its well-known shortcomings, Indonesian capital exerts a powerful pull on businesses, spurring demand for office, commercial and residential property.
With low interest rates and strong business sentiment, the property market in the Greater Jakarta Area is expected to remain strong throughout this year as demand for office, residential and retail space continues, according to international property consultants.
“The prime office market in Jakarta is very tight and we are seeing significant rental growth,” said Nicholas Holt, research director of the property services firm Knight Frank Asia Pacific.
“With the robust economy and strong occupier demand, this is likely to continue. Retail has also proved very robust with a growing middle class orienting themselves toward modern retail formats.”
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