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What is happening in Indonesia’s real estate market? Are prices going up or down? Is Bali still a hotspot for foreign investors? How is Indonesia’s government impacting real estate policies and taxes in 2025?
These are the questions everyone is asking us every day—professionals, buyers, and sellers alike, from Jakarta to Surabaya and beyond. Perhaps you’re wondering the same thing.
We know this because we stay deeply connected with local professionals and people like you, diving into the Indonesian real estate market every single day. That’s why we created this article: to provide clear answers, insightful analysis, and a well-rounded perspective on market trends and dynamics.
Our goal is simple: to ensure you feel informed and confident about the market without needing to look elsewhere. If you think we missed the mark or could do better, we’d love to hear your thoughts. Feel free to message us with your feedback or comments, and we’ll work hard to improve this content for you.
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1) Foreign investment in Jakarta’s residential real estate will grow as improved infrastructure enhances city accessibility
Jakarta is becoming a prime spot for foreign real estate investment thanks to its improved infrastructure.
In 2025, the Indonesian government set aside around US$25.5 billion for infrastructure projects like roads and public transport. This hefty budget is not just about better roads; it's about making Jakarta more appealing to investors who are eyeing stable markets.
Jakarta's public transport, including the LRT and MRT, has seen major upgrades. The integration of these systems means getting around the city is now a breeze, which is a big plus for both residents and investors.
Property prices in Jakarta are climbing, fueled by economic growth and urban development. Well-connected areas are seeing a spike in value, catching the eye of foreign investors eager for high returns.
These infrastructure improvements are not just about convenience; they are transforming Jakarta into a more accessible and attractive city. Investors are taking note of the potential for growth and returns.
As Jakarta becomes more connected, the city's real estate market is poised for a boom, drawing in foreign interest like never before.
Sources: Indonesia Investments, Antara News, PwC Indonesia, Invest Indonesia
2) Foreign buyers will increasingly target Bali's residential properties due to relaxed ownership rules
Foreign buyers are increasingly interested in Bali's residential properties, thanks to relaxed ownership regulations.
In recent years, particularly in 2023 and 2024, areas like Badung Regency and Denpasar have seen a surge in foreign property ownership, with increases of 92.1% and 81.3% respectively. This trend is especially noticeable in the upper-middle and high-end market segments, where international buyers are snapping up properties.
What's driving this boom? Well, Indonesia has introduced new property laws, including the Golden Visa and Second Home Visa. These policies make it easier for foreigners to buy property or secure long-term residency, provided they meet certain financial criteria. The government has also lowered the minimum price for foreign ownership and expanded rights for high-rise apartments.
The Indonesian government is actively promoting foreign investment in real estate, creating a welcoming atmosphere for international buyers. This has been widely reported in the media, and foreign investors are finding it easier than ever to purchase property in Bali. As a result, there's been a noticeable uptick in inquiries and transactions from abroad.
Many international investors are taking advantage of these favorable conditions, leading to a significant increase in property sales to foreign buyers. The combination of relaxed regulations and government support has made Bali a hot spot for real estate investment.
Sources: Villa Bali Sale, Space Coast Daily, The Bali Sun
We have made this infographic to give you a quick and clear snapshot of the property market in Indonesia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) Surabaya will draw more foreign buyers as it becomes a major economic hub in Indonesia
Surabaya is quickly becoming a hotspot for foreign property buyers.
One major reason is the surge in foreign direct investment (FDI) in the city. In 2023, Surabaya saw a wave of FDI projects, and this momentum carried into 2024 with even more investment pouring in. This influx of capital is transforming the city into a thriving economic hub, making it an attractive destination for international investors.
Infrastructure is also getting a major boost. The Surabaya Urban Corridor Development Program is making the city more accessible with improved transportation systems. These enhancements, like the new mass rapid transit, are not just about convenience; they are boosting Surabaya's logistics capabilities, making international trade smoother and more efficient.
The local government is rolling out the red carpet for foreign investors. They've introduced policies that create a business-friendly environment, offering incentives specifically for foreign property buyers. These initiatives are designed to make it easier for international investors to enter the market, further fueling Surabaya's appeal.
Surabaya's economic landscape is evolving rapidly. As Indonesia enjoys steady economic growth, Surabaya is reaping the benefits. The city is becoming a magnet for multinational companies setting up shop, which underscores its rising economic significance in the region.
With these developments, Surabaya is not just a city on the rise; it's a place where opportunities for foreign buyers are expanding. The combination of increased investment, improved infrastructure, and supportive government policies is setting the stage for Surabaya to become a key player in Indonesia's economic future.
Sources: Statista, NUSTech, Hansen Partnership, Oliver Wyman, ASEAN Briefing
4) Bali’s residential property prices will rise moderately with ongoing interest from international buyers and tourists
Bali's residential property prices have been on the rise, thanks to increased interest from international buyers and tourists.
One big reason for this is the relaxation of foreign ownership laws in Indonesia. Now, foreigners can own property more easily through legal titles like Hak Guna Bangunan (HGB) and PT PMA registration. This change has sparked a 92% growth in international demand for properties, especially in hotspots like Badung Regency.
Another factor is the increase in international flights to Bali, which has led to a boom in tourist arrivals. By July 2024, Bali had already welcomed 7.75 million international visitors, surpassing pre-pandemic numbers. This influx not only boosts the local economy but also piques interest in real estate, as many consider buying vacation homes or rental properties.
Bali's tourism sector is thriving, with expectations of attracting up to 6 million foreign visitors in 2024. This ongoing growth in tourism is likely to keep driving demand for residential properties, as more people look to make Bali their home or invest in its real estate market.
With these trends, it's no wonder that Bali is becoming a hot spot for property investment. The combination of relaxed ownership laws, increased flights, and a booming tourism industry makes it an attractive option for international buyers.
Sources: Bukit Vista, The Bali Sun, The Bali Sun
5) Surabaya's rental yields will rise with growing population and housing demand
Surabaya's population is on the rise, with the metro area expected to hit 3,089,000 in 2024.
Every year, about 10,000 new residents move to Surabaya, drawn by the city's urban appeal. This influx means more people are looking for places to live, pushing up the demand for housing. As more people flock to the city, the need for rental properties is growing, making it a hot spot for potential property investors.
Surabaya is not just growing in numbers; it's also becoming an economic hub. East Java, where Surabaya is located, is seeing economic growth between 4.6% and 5.4% annually. This economic boom is creating more job opportunities and boosting incomes, which in turn attracts even more people to the city. With more money in their pockets, residents are more likely to rent better homes, further driving up rental demand.
For those considering investing in property, Surabaya offers a promising opportunity. The combination of a growing population and a thriving economy suggests that rental yields could see a significant increase. As the city continues to expand, the demand for housing is expected to rise, making it an attractive market for property buyers.
Investors should keep an eye on Surabaya's development, as the city's growth is likely to continue. With more people moving in and the economy on the upswing, the potential for rental income is substantial. This makes Surabaya a compelling choice for those looking to invest in real estate.
Sources: Macrotrends, Kompas, Antara News, World Population Review
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6) Jakarta’s property prices will stabilize as the market adapts to new economic conditions and infrastructure growth
Jakarta's residential property market is showing signs of stabilization thanks to economic growth and new infrastructure.
With the expansion of Jakarta's Mass Rapid Transit (MRT) and Light Rail Transit (LRT) systems, certain areas have become more accessible, leading to increased property values in those regions. This is similar to what happened in Bangkok, where properties near the BTS Skytrain saw a significant rise in value.
Indonesia's economy is expected to grow between 4.7% and 5.5% in 2024 and 5.6% in 2025, providing a stable backdrop for the real estate market. This economic stability boosts consumer confidence in property investment, further contributing to market stability.
Government policies are also playing a role, with tax incentives for first-time homebuyers and relaxed regulations for foreign investors. These measures aim to stimulate demand and reduce barriers, helping to stabilize the market.
In the third quarter of 2024, there was a 1.46% year-on-year rise in residential property prices, indicating moderate growth. This suggests the market is adjusting to new conditions rather than experiencing volatile fluctuations.
Overall, the combination of infrastructure improvements and economic growth is creating a more stable environment for property buyers in Jakarta. The market is expected to continue adjusting as these factors play out.
Sources: Trading Economics, Savills Research, OECD iLibrary
7) Surabaya’s property prices will rise steadily with ongoing infrastructure and business development
Surabaya's residential property prices are on the rise as the city ramps up its infrastructure and business development.
Thanks to a record-breaking Rp422.7 trillion budget from the Indonesian government in 2024, Surabaya is seeing a surge in infrastructure projects. This budget is the largest in five years and covers major initiatives like the development of Nusantara Capital City, regional roads, and improvements in education and health facilities.
Improved transportation links are also playing a big role in boosting property prices. With the acceleration of infrastructure projects, including regional roads and connectivity enhancements, mobility and productivity are set to improve. This is making Surabaya more attractive, with more people moving from suburbs and villages into the city.
Government policies are further fueling the demand for homes. By simplifying property purchase qualifications and upgrading the types of titles foreigners can hold, the government is making it easier for foreign investors to enter the market. These changes, along with the VAT incentive program and the relaxed loan-to-value (LTV) ratio policy, are expected to drive property prices even higher.
Foreign investment is another factor to watch. As more international investors eye Surabaya's real estate market, property prices are likely to climb even further. The city's growing appeal is not just local but global, attracting attention from investors worldwide.
With all these developments, Surabaya is becoming a hotspot for property buyers. The combination of government investment, improved infrastructure, and favorable policies is creating a perfect storm for rising property values in the city.
Sources: PwC, World Population Review, Global Property Guide
8) Bali's rental yields will drop as the market gets saturated with short-term rentals
Bali's short-term rental market is booming, with a surge in Airbnb listings.
In just one year, Airbnb listings in Bali jumped by 24.62%, and over two years, the increase was a staggering 162.34%. By September 2024, there were 35,208 active Airbnb listings on the island. This rapid growth hints at a market that's becoming crowded with short-term rental options.
As more properties flood the market, property owners face fierce competition. This often leads to price cuts as owners try to attract guests, which can lower rental yields. The average occupancy rate for short-term rentals in Bali is now around 66%, a drop from previous years, suggesting that the market might be oversaturated.
Reports indicate an oversupply in Bali's rental market. Only 24.62% of active Airbnb listings this year were the same as last year, showing a significant influx of new properties. This oversupply means not all properties are consistently booked, affecting rental yields.
Property managers are finding it tough to maintain high rental yields due to the increasing competition and oversupply. With so many options available, tourists can be picky, leaving some properties unoccupied for longer periods.
Sources: Hospitable, Airbtics, Bukit Vista
We made this infographic to show you how property prices in Indonesia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
9) Bandung’s rental yields will stay stable as it attracts students and young professionals
Bandung is a hotspot for students and young professionals, keeping rental yields steady.
The city's universities, like the Institut Teknologi Bandung, are bustling with activity. For the 2023/2024 academic year, 5,669 new students enrolled, all needing places to stay. This steady stream of students ensures a constant demand for rental properties, making it a landlord's dream.
But it's not just students flocking to Bandung. The city is a creative powerhouse, with 56% of its economy tied to design-related activities. Young professionals in fashion, graphic design, and digital media are drawn here, seeking both career opportunities and convenient housing near their workplaces.
Bandung's charm doesn't stop at creativity. The local government is pouring resources into infrastructure and amenities through initiatives like the Regional Development Acceleration Innovation Program. These efforts boost the city's livability, making it even more appealing to young residents who crave a vibrant lifestyle.
With these improvements, the demand for rental properties remains robust. Young professionals and students alike are eager to find homes in a city that offers both career prospects and a lively environment. This ongoing demand keeps rental yields stable, a reassuring fact for potential property investors.
Bandung's blend of educational opportunities, creative industries, and government support makes it a magnet for the young and ambitious. As the city continues to thrive, rental yields are expected to remain steady, offering a promising outlook for property buyers.
Sources: Institut Teknologi Bandung, UNESCO
10) New government incentives for first-time buyers will increase demand for urban residential properties
In 2023, the Indonesian government rolled out new incentives for first-time homebuyers to make owning a home easier.
These incentives, part of the Housing Loan Liquidity Facility (FLPP) program, offer tax breaks and subsidized lending rates for those earning up to IDR 7 million monthly, or about USD $504. This move is a game-changer, especially for urban dwellers who have been eyeing homeownership but found it financially out of reach.
In urban Indonesia, 79.36% of households live in homes they own, which is less than in rural areas. This gap highlights a significant opportunity for city residents to take advantage of these new government incentives and finally own a home.
The government is also pushing for more low-cost housing, which means more affordable options are becoming available in cities. This is part of a broader strategy to boost the property sector and make urban living more accessible.
With the FLPP program expanding and the ceiling for VAT-free home purchases rising, urban home sales are expected to climb. The introduction of the Tapera program, where employees contribute part of their salary to housing savings, adds another layer of support, making the dream of owning a home more attainable.
These changes are set to increase interest among potential buyers, as they now have a structured pathway to homeownership. The combination of these programs is likely to drive demand in urban areas, making it an exciting time for potential homebuyers.
Sources: Indonesia Investments, Statista, ASEAN Briefing
11) Stricter environmental rules will boost interest in sustainable residential developments
Stricter environmental regulations are making sustainable residential developments more appealing.
In Indonesia, cities like Jakarta and Bandung are leading the way with green building codes that encourage eco-friendly construction. These codes have resulted in a noticeable shift towards sustainable building practices. Developers are finding it easier and more cost-effective to go green, thanks to government incentives like tax benefits and faster permitting processes.
People are becoming more aware of climate change, and this is driving a growing consumer preference for eco-friendly homes. Media coverage and public discussions are making sustainability a hot topic, and many buyers now want homes that are not only good for the planet but also save on energy costs in the long run.
In Indonesia, the market for sustainable building materials is expanding. Materials like compressed earth blocks and recycled concrete are becoming more available, making it simpler for developers to meet green standards. The government is also offering financial support for sustainable construction, including special financing options, which further boosts the appeal of green building practices.
All these factors are making sustainable residential developments more attractive to both developers and consumers. The combination of regulations, consumer demand, and available resources is creating a perfect storm for the growth of eco-friendly housing in Indonesia.
Sources: Constructive Voices, Business Indonesia
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12) Jakarta's residential property values will rise near transit hubs with public transportation network expansion
Jakarta's public transportation expansion is set to boost property values near transit hubs.
In Jakarta, areas like Dukuh Atas, which are served by rail, have seen significant land price increases compared to bus-served areas like Harmoni. This trend was particularly noticeable between 2015 and 2018, highlighting the impact of rail connectivity on property values.
Globally, properties near mass rapid transit stations often enjoy a 5% price premium. This is evident in Jakarta, where the planned integrated transport hub at Dukuh Atas is already driving up land values due to its proximity to the LRT line, which enhances both connectivity and mobility.
Real estate analysts in Indonesia note that properties near transit hubs are more desirable due to improved connectivity and accessibility. This desirability translates into higher property values and rental yields, making these areas attractive for both investors and residents.
The Indonesian government's plans to expand public transportation, including MRT and LRT projects, are expected to further boost economic activity and property values in these areas. This expansion is not just about convenience; it's a strategic move to enhance urban living and economic growth.
13) Medan will attract residential real estate investors with its strategic location and economic growth
Medan is catching the eye of real estate investors due to its prime location and booming economy.
In recent years, especially around 2023 and 2024, property prices in Medan have been on the rise, even when the national market was sluggish. This trend highlights a strong demand for homes in the city. A big driver of this demand is the surge in foreign direct investment. In the first half of 2023, investment in North Sumatra saw a notable increase, largely because of Medan's strategic position. Its proximity to countries like Malaysia makes it a key player in international trade, drawing in investors.
The government is also playing a big role by pouring money into infrastructure. New airports, roads, and public transport systems are popping up, boosting property values nearby. The improved public transport, like the Bus Rapid Transit system, has made Medan more accessible, which is a win for both residents and investors.
Medan's economy is on the upswing, with multinational companies setting up shop. Industries such as electricity, gas, water, food, and telecommunications are seeing significant investments. This economic boom is creating more job opportunities, which in turn is driving up the demand for housing as people flock to the city.
Sources: Mordor Intelligence, InCorp Indonesia, Statista Market Forecast
14) Demand for tech-enabled homes will rise with the growing popularity of smart home technology
Smart home technology is changing how we view our homes.
In Indonesia, the smart home market is booming. It was worth USD 1.31 billion in 2023 and is on track to hit USD 6.89 billion by 2030. This means more people are looking for homes with tech features, as the market grows at a rapid pace of 26.8% annually from 2024 to 2030.
Why the sudden interest? Well, more people are buying smart home devices. Back in 2018, there were just 0.7 million smart gadgets in Indonesian homes. Fast forward to 2022, and that number jumped to 3.9 million. This rise is thanks to better living standards, more people moving to cities, and affordable smart tech options.
People in Indonesia love the idea of controlling their homes with a smartphone or voice assistant. Surveys show a strong preference for smart appliances that make life easier. This trend is evident in real estate ads, which now often highlight smart home features.
For those thinking of buying property, this means tech-enabled homes are becoming more popular. Real estate listings increasingly showcase smart home features, reflecting what buyers want. It's not just about having a roof over your head anymore; it's about having a home that fits a modern lifestyle.
Sources: NextMSC, 6Wresearch, Statista
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Indonesia. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
15) Residential property interest in Semarang will rise as it becomes a key logistics hub in Central Java
Semarang is quickly becoming a key logistics hub in Central Java, sparking interest in residential properties.
With increased investment in infrastructure projects, like the East Flood Canal, the city is not just improving its urban drainage but also enhancing its appeal for tourism and real estate development. This makes Semarang a more attractive place to live.
The port of Semarang, one of Indonesia's busiest, is seeing a rise in traffic with more vessels coming and going. This uptick in port activity underscores Semarang's growing role in international trade, which boosts the local economy and creates more job opportunities. Consequently, more people are interested in moving to Semarang, driving up demand for housing.
Industrial parks and warehouses are popping up, signaling Semarang's growth as a logistics hub. These facilities are drawing in multinational companies to set up distribution centers, which not only create jobs but also increase the need for residential properties.
Improved connectivity and transportation links are further enhancing Semarang's appeal. It's now easier for people to commute and for goods to be transported efficiently, making the city even more attractive for potential residents.
As Semarang continues to evolve, its strategic location and infrastructure improvements are making it a hotspot for both businesses and new residents. The city's transformation is a clear indicator of its potential as a thriving urban center.
Sources: Maritime Optima, World Bank, UN Habitat
16) The new capital, Nusantara, will boost residential property investments in surrounding areas
The buzz around Nusantara, the new capital city, is driving a surge in residential property investments in nearby areas.
With the government pouring resources into infrastructure, including 47 housing towers for civil servants completed by November 2024, the area is becoming a hotspot for development. This massive investment is not just about buildings; it's about creating a digital backbone that supports modern living.
The relocation of nearly 33,000 civil servants from Jakarta to Nusantara is another key factor. This move, happening in stages until 2029, is fueling a growing demand for homes. As these civil servants settle in, the need for residential properties is skyrocketing, making it a prime time for investors to jump in.
Real estate developers from China, Russia, and Australia are already on the scene, launching projects like luxury hotels and serviced apartments. This influx of international players signals a surge in real estate development activity, transforming the landscape around Nusantara.
Foreign investment is also climbing, with companies like China’s Delonix Group and Russia’s Magnum Estate International putting money into integrated complexes and resorts. This trend highlights a growing interest in residential property investments around the new capital.
To sweeten the deal, the government is rolling out incentives to attract more investors. By easing business licensing and offering investment facilities, they’re making it easier than ever to get involved in property development near Nusantara.
Sources: The Jakarta Post, Channel News Asia, Deloitte, AHP
17) Surabaya will see a rise in residential property investments as it becomes a key business hub in East Java
Surabaya is quickly becoming a prime spot for residential property investments in Indonesia.
In 2023, the city achieved the second-largest investment realization in the country, with businesses pouring in around IDR 29.22 trillion. This influx of companies choosing Surabaya as their base is naturally boosting the demand for housing, as more people move here for work opportunities.
Infrastructure is another big draw. Surabaya is buzzing with new roads and public transport projects, and there's even talk of adding MRT, skytrain, or LRT systems. The government is backing this up with a 7.8% increase in the infrastructure budget for 2024, making the city more accessible and appealing for both businesses and residents.
The local government is also rolling out the red carpet for businesses. They've set up a one-stop service center to simplify the process for new companies and have inked deals with countries like Japan to boost economic ties. This business-friendly vibe is attracting multinational companies, which in turn fuels the demand for office spaces and residential properties.
Surabaya's population is booming, with over 10 million people in the metropolitan area. This growing population is a key reason for the increased demand for residential properties. As more people flock to the city, the need for housing and infrastructure development rises, making it a hot spot for property investments.
Sources: Ciptadana, Incorp Asia, Seven Stones Indonesia
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18) Eco-friendly developments in Lombok will draw environmentally conscious buyers, boosting the local residential market
The rise of eco-friendly developments in Lombok is set to attract environmentally conscious buyers, boosting the local residential market.
Lombok is becoming a hotspot for green investments, with projects like the $3 billion Mandalika project leading the way. This ambitious development includes solar power plants and water treatment facilities, and it promises to keep 51% of its area as green space. Such features are a big draw for buyers who care about sustainability.
Across Indonesia, there's a growing demand for sustainable housing. The Indonesia Green Affordable Housing Program aims to deliver 1 million units of green housing by 2030. This reflects a broader trend where people prefer eco-friendly living, and Lombok is no exception. Here, eco-friendly resorts and residential communities are becoming increasingly popular.
Government incentives are also making a difference. The Mandalika Special Economic Zone has turned southern Lombok into a hub for sustainable tourism. This attracts both travelers and investors who are mindful of their environmental footprint. Such government support is crucial in driving the growth of eco-friendly real estate in the area.
For those considering a property purchase in Lombok, the island offers a unique blend of natural beauty and sustainable living. The local market is thriving, thanks to these eco-friendly initiatives. Buyers are not just investing in a home; they're investing in a lifestyle that aligns with their values.
Sources: $3 Billion Mandalika Project, Indonesia Green Affordable Housing Program (IGAHP), Factors Driving Demand in Lombok, Lombok Property Market Growth
19) Eco-friendly residential developments in Bali will become more attractive due to new environmental initiatives
Bali is becoming a hotspot for eco-friendly living thanks to its push for environmental sustainability.
The Bali Provincial Government's Net Zero Emission 2045 initiative is a major force behind this green transformation. This initiative is all about clean energy, sustainable tourism, and green economic opportunities, making eco-friendly homes more appealing than ever.
There's a noticeable rise in green building certifications, with the Green Building Council Indonesia leading the way. By 2023, 98 buildings were certified, and 72 projects were registered, showing a strong commitment to sustainable construction. Developers are increasingly seeking certifications like LEED to prove their dedication to eco-friendly practices.
People are now more interested in sustainable living options. Surveys show a growing demand for eco-friendly properties in Bali, driven by their luxury, comfort, and environmental responsibility. Green-certified properties are especially popular because they offer long-term cost savings and eco-friendly features.
Insider knowledge suggests that eco-friendly developments are not just a trend but a smart investment. These properties often come with perks like reduced utility bills and healthier living environments, making them attractive to buyers.
With Bali's commitment to sustainability, eco-friendly residential developments are set to become even more appealing. The island's focus on green initiatives is reshaping the real estate market, offering unique opportunities for those looking to invest in a sustainable future.
Sources: IESR, Business Indonesia, The Agency Bali
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.