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Learn more about the Jakarta apartment market through trends and average prices.
Jakarta is the capital city of Indonesia and is located on the northwest coast of Java, the most populous island in the world. Expanding across and area of 661.5 square kilometers, it is considered as a province instead of a city, though it is still commonly referred to as a city.
Jakarta is home to more than 10 million people originating from all around Indonesia and the world, making it Indonesia’s most populous and, possibly, the most multicultural city. For many people, the city’s diversity is what makes it interesting and unique. With the huge number (and constantly growing) population, the demand for housing in the city remains high. As a result, developers are constantly developing new apartment buildings, and investors see the city as a lucrative destination.
Apartments in Jakarta come in various sizes and styles, but they are mostly made with modern styles with some traditional Indonesian-design incorporated in its interior. There are high-rise, mid-rise, and low-rise apartments in the city. High-rise apartments are mostly located within the central business districts, very luxurious, and offer the best views, but mid-rise and low-rise apartments usually offer larger units. Since mid-rise and low-rise apartments do not have many units, they can offer a more exclusive feeling to its residents. Most apartments in Jakarta are made with high-quality furniture and appliances. They also offer various amenities, such as swimming pools, gyms, clubhouses, and kid’s playground.
Jakarta is divided into 5 administrative areas, including South Jakarta, North Jakarta, West Jakarta, East Jakarta, and Central Jakarta. Each has its own popular and unique neighborhood. One of the most popular neighborhoods among expats to work and live in is Sudirman Central Business District (SCBD). This neighborhood is among the most important business districts in Jakarta. It is also one of the most developed neighborhoods in the city. During the day, people come to the area to work. At night, the area transforms into a lively nightlife hub.
Menteng is another popular area in Jakarta. It is one of the city’s oldest and most prestigious neighborhoods. It is home to several embassies and government offices. It also has several museums, including Gedung Joang 45 Museum, Perumusan Naskah Proklamasi Museum, Sasmitaloka Jendral Ahmad Yani Museum, and Sasmitaloka Jendral Besar A.H. Nasution Museum.
Those who want to experience Jakarta’s trendy cafes and modern restaurants usually go to Kemang, while those who want to go shopping can visit Senayan, where they will find several shopping malls, including FX Center and Senayan City.
Jakarta offers a high quality of life, but the cost of living is relatively low. Foreigners can usually live comfortably for very little in the city. The official currency is Indonesian Rupiah, and US$1 will get you around Rp14, 000. This exchange rate is very favorable for many foreigners coming from Western countries.
As a multicultural city, there are hundreds of languages spoken in Jakarta, but Bahasa Indonesia is the most widely spoken language. English is spoken in many areas in the city, particularly in the central business districts.
A visa is needed for foreigners to live in Jakarta. Many types of visas are available, but the most common type is KITAS (temporary residence permit visa), which is valid for 6 to 12 months.
1. Attractive rental yields – for investors who are looking to rent out their apartments, rental yields on Jakarta’s apartments are pretty high at around 5.2% to 7.7%.
2. High demand for housing – with people from all corners of Indonesia migrating and expats from all around the world relocating to the city, the need for rental property is high. This is a lucrative opportunity for any investors who want to rent out their apartments.
3. Growing economy – Jakarta is the capital of Indonesia, which has the largest economy in Southeast Asia.
4. A new law that favors foreign investors – foreigners in Indonesia can now buy properties and obtain a right-of-use agreement title.