How much for a property in Surabaya now?

Last updated on September 1, 2025

Authored by the expert who managed and guided the team behind the Indonesia Property Pack

Everything you need to know before buying real estate is included in our Indonesia Property Pack

Surabaya's residential property market in September 2025 shows significant growth potential with average prices at IDR 20 million per square meter.

Property prices in Surabaya have increased by 33-43% over the past five years, making it an attractive investment destination compared to other major Southeast Asian cities. Current mortgage rates of around 6% and loan-to-value ratios up to 90-100% provide favorable financing conditions for both local and foreign buyers.

If you want to go deeper, you can check our pack of documents related to the real estate market in Indonesia, based on reliable facts and data, not opinions or rumors.

Quick Summary:

Surabaya residential properties average IDR 20 million per square meter (USD 1,330), with apartments ranging from IDR 500 million to 1 billion and landed houses from IDR 1-2 billion.

The city offers rental yields of 7.2% on average, significantly higher than Jakarta's 4-5%, while property prices remain substantially lower than other major Southeast Asian cities.

Property Type	Price Range (IDR)	Price Range (USD)	Rental Yield
Apartments	500 million - 1 billion	35,000 - 70,000	6-8%
Landed Houses	1 - 2 billion	70,000 - 140,000	8-12%
Villas	2+ billion	140,000+	8-10%
Luxury Properties	1.5+ billion	100,000+	6-8%
Student Housing	300-800 million	20,000-55,000	12-15%

Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Surabaya. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At BambooRoutes, we explore the Indonesian real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Jakarta, Surabaya, and Bali. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What is the current cost per square meter for residential properties in Surabaya?

As of September 2025, residential properties in Surabaya average IDR 20 million per square meter, equivalent to approximately USD 1,330.

This price reflects the mid-market segment across various neighborhoods in Surabaya. City center properties command higher prices at around IDR 28 million per square meter (USD 1,852), while suburban areas can be found for as low as IDR 15 million per square meter.

The current pricing represents a substantial increase from five years ago when properties averaged around IDR 15 million per square meter. This growth trajectory of 33-43% over five years demonstrates the strengthening of Surabaya's property market driven by infrastructure development and increasing foreign investment.

Premium locations like Citraland and West Surabaya can exceed IDR 30 million per square meter for luxury developments, while emerging areas in East and South Surabaya offer opportunities below the city average.

It's something we develop in our Indonesia property pack.

What are typical purchase prices for apartments, landed houses, and villas?

Apartment prices in Surabaya range from IDR 500 million to 1 billion for mid-market units, translating to USD 35,000-70,000.

Luxury city-center apartments can reach IDR 1.5 billion or more (USD 100,000+), especially in premium developments with full facilities. One-bedroom apartments of around 40 square meters typically sell for IDR 700 million in central business district locations.

Landed houses command prices between IDR 1-2 billion (USD 70,000-140,000) for standard family homes. A typical 120 square meter house in West Surabaya sells for around IDR 1.5 billion, offering good value compared to similar properties in Jakarta or other major Indonesian cities.

Villas start from IDR 2 billion (USD 140,000) and can exceed USD 1.5 million for luxury waterfront properties. High-end villas in Citraland averaging 220 square meters sell for approximately IDR 3.2 billion, providing exclusive living with premium facilities.

These price ranges make Surabaya significantly more affordable than Jakarta, where similar properties cost 50-100% more.

What additional costs should buyers expect beyond the purchase price?

Cost Type	Percentage	Description
Property Transfer Tax (BPHTB)	5%	Paid by buyer on property value
Notary Fees	1-2.5%	For titling and legal documentation
Legal Fees	0.5-1.5%	Additional legal services and registration
VAT (New Properties)	10-11%	Applies to newly built properties
Registration Fees	0.2-2%	Government registration costs
Agent Commission	3-5%	Usually paid by seller
Total Additional Costs	7-15%	Excluding VAT on new properties

What are current mortgage rates and loan-to-value ratios?

Indonesian banks currently offer mortgage interest rates averaging around 6% for residential properties in Surabaya.

Some banks provide promotional rates as low as 1.65% fixed for the first year, particularly for new developments or first-time buyers. Major banks like BCA, Mandiri, and BNI compete with competitive mortgage packages for qualified borrowers.

Loan-to-value ratios have become more favorable, with many banks offering up to 85-100% financing for buyers with good credit histories. Foreign buyers can access financing through PT PMA or Hak Pakai ownership structures, though they may face slightly higher rates or lower LTV ratios.

The Indonesian central bank's recent interest rate policies have maintained stable lending conditions, making property purchases more accessible compared to previous years when rates exceeded 8%.

Don't lose money on your property in Surabaya

100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.

How do Surabaya property prices compare to other Southeast Asian cities?

Surabaya offers significantly more affordable property prices compared to major Southeast Asian cities.

Jakarta properties cost approximately 50-100% more than Surabaya, with city center prices averaging USD 2,800-3,100 per square meter versus Surabaya's USD 1,330. Bangkok commands even higher prices at USD 3,800-4,000 per square meter, making it nearly triple Surabaya's cost.

Ho Chi Minh City prices range from USD 2,300-2,500 per square meter, still substantially higher than Surabaya. This pricing advantage positions Surabaya as an attractive entry point for Southeast Asian property investment.

The affordability gap provides significant opportunities for investors seeking similar rental yields at lower capital requirements. While Bangkok offers mature infrastructure and international connectivity, Surabaya's growing economy and developing infrastructure suggest strong potential for capital appreciation.

For expatriates and investors, Surabaya provides comparable living standards and business opportunities at substantially lower property costs than regional capitals.

Which areas show highest price growth and emerging market potential?

Citraland and West Surabaya currently experience the highest property price growth due to luxury developments and foreign investment influx.

These established areas attract premium pricing with infrastructure investments and international school proximity driving demand. Bukit Darmo and Pakuwon Indah within West Surabaya show consistent appreciation rates above city average.

East Surabaya and South Surabaya represent emerging markets with significant undervaluation potential. South Surabaya benefits from new university developments creating education hub demand, while East Surabaya offers affordable housing with improving infrastructure connections.

Kertajaya attracts young professionals with affordable pricing and vibrant commercial development. Gunung Anyar serves as a new development zone with government-backed infrastructure projects supporting future growth.

Waterfront areas in Sidoarjo and Pasuruan experience rapid expansion with lower entry prices and better rental yields, making them attractive for investment-focused buyers seeking higher returns.

What rental yields can investors expect from different property types?

Surabaya offers attractive rental yields averaging 7.2% across all property types, significantly outperforming Jakarta's 4-5% average.

Apartments generate 6-8% gross yields depending on location and facilities, with city center units achieving higher occupancy rates. Suburban apartments often provide better yields due to lower purchase prices while maintaining steady rental demand.

Landed houses deliver 8-12% yields in suburban locations, with slightly lower returns in premium city-center areas due to higher acquisition costs. Family houses remain in strong demand from both local and expatriate tenants.

Student housing and properties near universities can achieve 12-15% yields, particularly in South Surabaya near educational institutions. Short-term rental properties through Airbnb platforms generate 10-12% yields for centrally located or coastal properties during peak seasons.

It's something we develop in our Indonesia property pack.

What are the most desirable neighborhoods for expatriates and professionals?

Citraland - Premium gated community offering luxury amenities, international schools, and high security standards preferred by expatriate families
West Surabaya (Bukit Darmo, Pakuwon Indah) - Established expatriate areas with shopping malls, international dining, and proximity to business districts
Kertajaya - Popular among young professionals for affordable housing, vibrant nightlife, and easy access to commercial areas
Darmo - Traditional expatriate area with established infrastructure, international schools, and diplomatic presence
Manyar - Emerging professional area offering modern apartments and convenient transportation links to business centers

infographics rental yields citiesSurabaya

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Indonesia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

What are average rental prices for short-term and long-term stays?

Short-term rentals under six months command premium pricing due to flexibility and furnished arrangements.

One-bedroom apartments in central business district areas rent for IDR 5-8 million monthly (USD 350-550) for short-term stays. Larger units or luxury homes can reach IDR 15-20 million monthly (USD 1,000-1,400) for premium furnished accommodations.

Long-term rentals over six months offer better value with standard apartments ranging IDR 3-6 million monthly (USD 220-420). Landed houses for long-term rental average IDR 5-12 million monthly (USD 350-850) depending on size and location.

Student and shared housing arrangements frequently cost under IDR 2 million monthly (USD 150), making Surabaya attractive for young professionals and university students. These affordable options contribute to strong rental demand in university-adjacent areas.

How have prices changed over five years and what are future forecasts?

Surabaya property prices have increased 33-43% over the past five years, rising from approximately IDR 15 million per square meter in 2020 to IDR 20 million in 2025.

This represents a compound annual growth rate of 6-8%, driven by infrastructure development, foreign investment, and Indonesia's economic growth. The growth trajectory has been consistent despite global economic uncertainties.

For the next year, forecasts predict moderate 3-5% growth, with potential supply concerns in certain apartment segments potentially tempering price increases. Market analysts expect continued demand from both domestic and international buyers.

Five to ten-year projections suggest annual growth of 4-7%, supported by metro expansion projects, new infrastructure corridors, and increasing foreign direct investment. Emerging zones are expected to outperform central market areas due to lower starting prices and development potential.

Long-term growth depends on Indonesia's economic stability, government infrastructure investments, and Surabaya's position as East Java's economic center.

What are the best property investment strategies for Surabaya?

Capital Appreciation Focus - Target emerging districts like East and South Surabaya, new infrastructure corridors, and university-adjacent areas with development potential
Rental Income Optimization - Invest in suburban properties and student accommodation sectors offering 6-10%+ yields with steady demand
Resale Potential Maximization - Purchase in undervalued areas during supply gluts, particularly new condominium launches in developing zones
Diversified Portfolio Approach - Combine city center apartments for stability with suburban houses for higher yields and emerging area properties for growth
Market Timing Strategy - Buy during developer promotions and government infrastructure announcements to maximize entry pricing advantages

What are recent transaction examples illustrating current market conditions?

Recent market transactions demonstrate Surabaya's active property market across different segments and price points.

A typical one-bedroom apartment of 40 square meters in the central business district sold for IDR 700 million, generating rental income of IDR 5-7 million monthly. This transaction represents standard pricing for city center units with modern facilities.

In West Surabaya, a 120 square meter landed house sold for IDR 1.5 billion, with long-term rental potential of IDR 8-10 million monthly. This property type attracts family tenants and offers stable rental returns.

A luxury 220 square meter villa in Citraland waterfront area sold for IDR 3.2 billion, commanding short-term rental rates of IDR 18-24 million monthly during peak seasons through Airbnb platforms. This high-end segment demonstrates Surabaya's luxury market potential.

These transactions reflect current market conditions with strong demand across price segments and consistent rental yields supporting investment decisions.

It's something we develop in our Indonesia property pack.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Surabaya's property market in September 2025 presents compelling opportunities for both investors and residents seeking affordable Southeast Asian real estate exposure.

With average prices at IDR 20 million per square meter and rental yields averaging 7.2%, the city offers attractive returns compared to regional capitals while maintaining growth potential through infrastructure development and economic expansion.