During the quarter, apartment sales performance continued to languish with a moderate 0.5% growth in price compared to the previous quarter. There were 4,777 new units from the handover of a total of eight apartment towers from five projects. The cumulative supply of strata-title apartments in Jakarta grew by 2.9% QoQ or 12.4% YoY to a record 167,697 units. Prices of apartments have been relatively flat as most of the projects hold prices in order to attract buyers. 

Forecast at a glance:

• Supply - Jakarta will see an additional 15,442 units for the remainder of 2016 and a total 25,222 units in 2017. 
• Demand - Although the market saw an increase in launching activity, buying sentiment has remained lukewarm; investors and end-users are holding their plans to buy apartments in view of the current economic slowdown. We opine that take-up rates will continue to hover at between 86% and 87%. 
• Rent - Given a drop in the expatriate community, we expect asking rental rates will remain unchanged until the end of 2016. 
• Price - We predict an 9% to 11% increase in the average asking price for apartments for sale due to the higher prices quoted by future apartment projects which will open by the end of the year. 

View the full report overview here.