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Learn more about the Jakarta property market through trends and average prices.
Jakarta is the capital city of Indonesia, located on the northwest of Java Island. This huge, sprawling metropolis is home to over 10 million people, making it the most populous city within the archipelago. As the center of economy, politics, and culture of the country, the city acts as the glue that binds Indonesia’s 300 ethnicities and 17,508 islands together.
Although Jakarta is known for its high level of pollution and heavy traffic, it is filled with vibrant shopping areas, exciting nightlife, entertainment parks, and historical monuments. Jakarta might not be a tourist magnet, but it does have some attractions that are worth visiting, such as Monas (the National Monument), the National Museum, Fatahillah Museum, Kota Tua (Old Town), and Taman Mini Indonesia Indah (TMII).
Jakarta’s population is constantly growing, resulting in high demand for housing. Various developers in the city are building new residential and commercial projects in various sizes and styles.
Apartments and condominiums are widely available in the city, particularly in the central business districts. Both apartments and condos in the city are mostly luxurious and modern as they are targeted for wealthy Indonesians and expats. They usually come with swimming pools, gyms, gardens, clubhouses, kid’s playgrounds, and a variation of room sizes, ranging from studio rooms to penthouses.
Villas can be found in certain areas in Jakarta, though they may not be as popular since most people in the city choose to live or stay in apartments, condos, or houses. Villas usually come with luxury amenities and offer a lot more space than regular houses.
· Kemang – located in South Jakarta and is the city’s trendiest area. It is packed with artsy cafes and modern restaurants with creative concepts. It is also the most fashionable area in the city, with an array of fashion boutiques, ranging from local labels to imported items.
· Sudirman - this is one of Jakarta’s most prominent business centers, called Sudirman Central Business District (SCBD). Its tall buildings that host hundreds of businesses contribute greatly to the city’s ever-growing skyline. Besides being known as a business district, it is also popular for its youthful nightlife, with lively bars and clubs. Many expatriates live and work in this area.
· Senayan – this area is particularly famous for its malls and restaurants. Large malls in the area include Plaza Senayan, FX Center, and Senayan City. People also flock to this area to visit Mataram Park and Satria Mandala Museum.
Most foreigners can live comfortably in this city, sometimes even luxuriously; this is because the exchange rate from the US dollar to Indonesian Rupiah is very favorable for foreigners coming from Western countries, with US$1 converts to approximately Rp14, 000.
Located within the tropics, Jakarta enjoys warm weather all year round. The average yearly temperature in the city is around 24°C to 32.5°C. June to October is the dry season, with sunny and pleasant weather. The wet season starts in October and ends in May. During this season, rain may fall every day, particularly in December. Some areas in the city are prone to flooding.
To live in Jakarta for an extended period of time, foreigners need a visa. Many types of visa are available, but most expats obtain temporary residence permit visa or KITAS. This type of visa is valid for 6 to 12 months.
1. Stable politics – stable politics means a stable economy, which means better value for your money and investments.
2. A new law that favors foreign property investment – foreigners who legally reside in Indonesia are now allowed to own landed property for up to 80 years, under a “Right of Use” agreement.
3. The capital of the largest economy in Southeast Asia – Indonesia’s economy is the largest in Southeast Asia. It is also the world’s 16th largest economy by nominal GDP.
4. High demand – as mentioned before, the demand for property in the city is high. This makes the city a very lucrative destination for investors looking for good rental yields.