After a lengthy decline, the property market in Greater Jakarta is expected to shine next year as the government's flagship tax amnesty and extensive infrastructure development stoke property demand.
The tax amnesty will provide a stimulus as around 60 percent of funds repatriated via the program are expected to be invested in the property sector, Indonesian Property Watch (IPW) chief executive officer Ali Tranghanda said on Thursday.
"The demand for property will skyrocket in the second half of 2017 after the gubernatorial election and tax amnesty are over," he said at the Rumah.com Indonesia Real Estate Summit 2016 event in Jakarta.
(Read also: Urban middle class struggle to afford housing)
Ali said landed houses in East Bekasi, West Java, priced between Rp 500 million (US$37,582) and Rp 1 billion would become attractive as infrastructure projects such as the Bekasi-Cawang-Kampung Melayu toll road and light rail transit (LRT) are expected to be completed in 2017.
Meanwhile, Wasudewan, country manager of online property website rumah.com, said the property market in East Jakarta had good prospects because the area still had an adequate supply of land with relatively low prices.
"We have observed that the number of housing advertisements in East Jakarta [placed on rumah.com] has increased, and so have page views and customers' inquiries for properties in this area," he said. (win/jun)
Source: Sun to shine on Greater Jakarta property market
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