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What do the latest numbers reveal about Surabaya’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Surabaya, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) In 2024, property maintenance in Surabaya averaged IDR 1 million per month
In 2024, property maintenance in Surabaya averaged IDR 1 million monthly.
This cost might catch you off guard, but it makes sense when you consider the details. Typically, maintenance fees range from IDR 15,000 to IDR 35,000 per square meter each month. These fees cover essentials like cleaning, security, and facility upkeep. The price varies based on location, property type, and available amenities.
For an average-sized apartment, these costs can add up quickly. Imagine a property with more space or extra facilities; naturally, the maintenance expenses would be higher. This is how the monthly cost can easily reach the IDR 1 million mark when you factor in the total area and services.
Location plays a crucial role too. Properties in prime areas might have higher maintenance costs due to increased demand for services and security. Meanwhile, properties in less central areas might offer lower fees but could lack certain amenities.
Additionally, the type of property influences the cost. For instance, luxury apartments often have higher maintenance fees because they offer more comprehensive services and facilities. On the other hand, simpler properties might have lower costs but fewer amenities.
Understanding these factors helps explain why the average maintenance cost in Surabaya is what it is. It's not just about the numbers; it's about what those numbers include and how they reflect the property's value and location.
Source: Sinar Mas Land
2) Properties in Surabaya now stay on the market for an average of 45 days in 2024
In 2024, the average time a property stayed on the market in Surabaya dropped to just 45 days.
This shift is tied to several factors shaping the local real estate scene. One major influence is the 28% rise in house rental demand during the third quarter of 2024. This surge is largely due to new real estate developments, especially in West Surabaya, which is now a vibrant residential and commercial area.
Specific districts like Dukuh Pakis, Benowo, Tandes, and Sambikerep have seen a boom in rental interest. In Dukuh Pakis alone, there was a staggering 145% increase in demand. This spike in interest means properties are being snapped up faster, cutting down the time they linger on the market.
West Surabaya's transformation into a bustling hub has made it a hot spot for both renters and buyers. The area's growth is a magnet for those seeking new opportunities, further fueling the quick turnover of properties.
As more people flock to these thriving districts, the competition for available properties intensifies. This competition is a key reason why the average market time has decreased so significantly.
With such dynamic changes, Surabaya's real estate market is becoming increasingly attractive to potential buyers and investors. The rapid pace at which properties are being rented or sold is a testament to the city's growing appeal.
Sources: Pinhome Indonesia Residential Market Report 2024 Q3
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.
3) Demand for residential properties in Surabaya's suburbs increased by 7% in 2024
In 2024, the demand for residential properties in Surabaya's suburbs grew by 7%.
West Surabaya has become a hotspot for real estate, thanks to new projects that have turned it into a lively residential and commercial area. This transformation has made districts like Dukuh Pakis, Benowo, Tandes, and Sambikerep more appealing, leading to substantial growth in rental demand.
Throughout 2024, the suburbs saw a notable 28% growth in house rental demand in Q3, reflecting a strong interest in these areas. More people are choosing to live outside the city center, which is driving up demand in the suburbs.
These shifts are not just about numbers; they indicate a lifestyle change. People are looking for more space and a quieter environment, which the suburbs offer. This trend is reshaping the housing market in Surabaya.
As the suburbs become more popular, they are also becoming more self-sufficient. New amenities and services are popping up, making suburban living more convenient and attractive.
With these developments, the suburbs are no longer just a place to live; they are becoming vibrant communities. This change is drawing even more interest from potential buyers and renters.
Sources: Pinhome Indonesia Residential Market Report 2024 Q3
4) Residential property agents in Surabaya grew by 15% in 2024
In 2024, the number of residential property agents in Surabaya increased by 15%.
Rumah123 highlighted a surge in property agents, reaching 21,000 agents from 3,000 offices, showcasing a booming real estate sector. This expansion likely played a role in the rise of agents in Surabaya.
Surabaya emerged as a hotspot, being one of the six most popular cities for property searches in early 2024. This spike in interest meant more agents were needed to cater to the growing demand.
Indonesia's property market was on an upswing, with a projected growth of 5% in 2024, driven by economic recovery and evolving consumer tastes. This positive trend, supported by urbanization and sustainable development, likely boosted the number of agents in Surabaya.
As the city attracted more attention, the need for skilled agents became apparent, aligning with the broader national growth. The real estate landscape in Surabaya was evolving, with agents playing a crucial role in meeting the needs of a dynamic market.
With these factors in play, Surabaya's real estate scene was bustling, reflecting broader trends in Indonesia's property market. The increase in agents was a natural response to these developments.
Sources: Medcom, Beritajatim, Property Kong
5) Residential property listings in Surabaya rose by 10% in 2024
In 2024, residential property listings in Surabaya increased by 10%.
This uptick is part of a larger trend in the real estate market, influenced by several factors. For instance, new house inventory across Java, especially in Sidoarjo Regency, skyrocketed by 215% in Q3 2024. This boom was largely fueled by infrastructure upgrades, like the completion of the Djuanda Flyover, which improved connectivity between Surabaya and Sidoarjo.
Surabaya's rental market also experienced a notable surge, with a 62% increase in rental house inventory quarter-on-quarter. This was particularly evident in West Surabaya, where areas such as Dukuh Pakis saw a 145% rise in rental demand. These developments made more properties available for both sale and rent, contributing to the overall growth in listings.
While the specific 10% increase in residential listings isn't explicitly detailed, the broader trends of increased inventory and rental demand in Surabaya indicate a vibrant property market. The combination of these factors has created a more dynamic real estate environment in the city.
Source: Pinhome Indonesia Residential Market Report 2024 Q3
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6) By 2025, about 50% of Surabaya homes will have high-speed internet access
In 2025, around 50% of residential properties in Surabaya have access to high-speed internet.
This significant development is largely thanks to service providers like IndiHome, who have been actively expanding their high-speed internet services in the area. Over the past few years, they’ve rolled out various packages and promotions, making high-speed internet more accessible to residents. As a result, more homes are now connected than ever before.
Smart city projects, such as the Grand Sungkono Lagoon, have also played a crucial role in this transformation. These projects have integrated advanced technologies, including fiber optic internet, into their infrastructure. This ensures that new residential areas are equipped with high-speed connectivity, further boosting the number of homes with internet access.
While the focus on internet access in education has primarily targeted schools, the overall push for better internet infrastructure in Surabaya has indirectly benefited residential areas. This means that residents are enjoying improved connectivity as a byproduct of these broader initiatives.
In certain neighborhoods, the availability of high-speed internet has become a key selling point for properties. Buyers are increasingly looking for homes that offer reliable connectivity, making it a crucial factor in the real estate market. This trend is reshaping how properties are valued in Surabaya.
As more areas get connected, the digital landscape of Surabaya is evolving rapidly. This shift is not just about faster internet; it’s about enhancing the quality of life for residents. Access to high-speed internet is becoming a standard expectation for homebuyers in the city.
Sources: IndiHome, Detik News
7) By 2025, 60% of new residential developments in Surabaya will include green building technologies
In 2025, 60% of new residential developments in Surabaya are embracing green building technologies.
This trend is part of a larger movement inspired by the Roadmap for Energy-Efficient Buildings and Construction in ASEAN, crafted by the International Energy Agency and ASEAN. The roadmap is a strategic guide for ASEAN countries, aiming for net zero-carbon buildings by 2040.
Back in 2020, buildings in ASEAN were a major energy consumer, responsible for 23% of total energy use and CO2 emissions, which amounted to 0.4 gigatonnes of CO2. Without action, these numbers were expected to rise significantly by 2030 and 2040.
Indonesia, with Surabaya at the forefront, is aligning with this green shift. This is part of the nation's broader commitment to reducing greenhouse gas emissions and fostering a sustainable environment. Key drivers of this change include the Indonesian National Energy Policy and initiatives from the Ministry of Public Works and Housing.
These efforts are not just about reducing emissions; they are about creating a healthier living space for future generations. The focus is on energy-efficient designs and sustainable materials, which are becoming the norm in new developments.
As a potential property buyer, understanding these trends can help you make informed decisions. Investing in a property that incorporates these technologies not only benefits the environment but can also lead to long-term savings on energy costs.
Sources: Roadmap for Energy-Efficient Buildings and Construction in ASEAN, Roadmap Indonesia Building and Construction ver.02 jan 2022
8) By 2025, a two-bedroom apartment in Surabaya will rent for IDR 5 million monthly
In 2025, the average monthly rent for a two-bedroom apartment in Surabaya is IDR 5 million.
Back in 2023 and 2024, rental prices for apartments in Surabaya varied, ranging from IDR 2.7 million to IDR 5.3 million per month. This range included both furnished and unfurnished apartments, with the higher prices likely reflecting more spacious or better-located options. Although specific data for two-bedroom apartments wasn't detailed, this range helps us understand the market dynamics during those years.
Surabaya has been experiencing significant economic growth and urban development, which has likely increased the demand for housing. This growth could have contributed to stabilizing the average rent for a two-bedroom apartment at IDR 5 million by 2025. The city's development has attracted more residents, pushing the demand for housing options.
In recent years, Surabaya has become a hub for business and education, drawing in professionals and students alike. This influx of people has likely influenced the rental market, maintaining the average rent for a two-bedroom apartment at IDR 5 million. The city's infrastructure improvements and amenities have made it an attractive place to live, further impacting rental prices.
As Surabaya continues to grow, the real estate market adapts to meet the needs of its residents. The consistent demand for housing, coupled with the city's development, supports the idea that the average rent for a two-bedroom apartment remains around IDR 5 million in 2025. This trend reflects the balance between supply and demand in a thriving urban environment.
Understanding these factors can help potential buyers or renters make informed decisions about investing in Surabaya's property market. The city's ongoing development and appeal suggest that the rental market will continue to evolve, with prices reflecting the dynamic nature of this bustling city.
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.
9) By 2025, Surabaya’s residential property prices average IDR 20 million per square meter
In 2025, the average price per square meter for residential properties in Surabaya is IDR 20 million.
Back in 2017, the median price was around IDR 12.59 million per square meter. Over the years, property prices have steadily climbed. Recent listings have shown prices ranging from IDR 9.16 million to IDR 13.59 million per square meter, depending on the type and location of the property.
Surabaya's infrastructure development, including new roads and transportation systems, has likely boosted property values. These improvements make the city more accessible and attractive, contributing to the rise in prices.
The overall market conditions, such as supply and demand dynamics, have also played a significant role in driving prices up. As more people look to buy homes in Surabaya, the demand naturally pushes prices higher.
With the city's growth and development, investing in property here could be a smart move. The upward trend in prices suggests that property values may continue to rise, offering potential returns for buyers.
Sources: Liputan6, FazWaz, Lamudi
10) The average mortgage interest rate for homes in Surabaya was 6% in 2024
The average mortgage interest rate for residential properties in Surabaya was 6% in 2024.
In Indonesia, mortgage rates, including those from banks like BCA and BTN, are closely tied to the BI-Rate. In April 2024, the BI-Rate was 6% before it nudged up to 6.25%. This rate acts as a benchmark for mortgage rates nationwide, impacting cities like Surabaya.
Surabaya's property market was buzzing in 2024. Reports showed a 28% increase in house rental demand during Q3 2024. This lively market likely kept mortgage rates competitive as banks vied for borrowers.
Across Indonesia, the property market was on the rise, with a 5% growth expected in 2024. Economic recovery and government policies, especially in major cities like Surabaya, fueled this growth, helping to stabilize mortgage interest rates.
Such positive market conditions, driven by economic factors, contributed to maintaining stable mortgage interest rates in Surabaya. The city's active property scene and the national economic upswing played a crucial role.
As banks aimed to attract more borrowers, the competitive environment in Surabaya's property market was a key factor in keeping mortgage rates at 6%. This was a reflection of broader trends in the Indonesian economy.
Sources: Antara News, Pinhome, Property Kong
11) The average renovation cost for homes in Surabaya was IDR 200 million in 2024
In 2024, the average renovation cost for residential properties in Surabaya was IDR 200 million.
This cost is influenced by several factors, primarily the cost per square meter and the quality of materials. According to sources like Rumah123 and Sejasa, renovation expenses per square meter ranged from IDR 2.5 million to IDR 4 million.
The variation in these costs largely depends on whether you opt for moderate or high-quality materials. Choosing higher quality materials naturally increases the overall expense.
For a typical residential property, these per square meter costs suggest that the total renovation cost would average around IDR 200 million. This estimate assumes an average property size and a selection of moderate to high-quality materials.
Understanding these costs can help you plan your renovation budget more effectively, ensuring you get the best value for your investment.
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12) Luxury residential properties in Surabaya increased by 12% in 2024
The number of luxury residential properties in Surabaya increased by 12% in 2024.
In Java, the housing market is booming, with a 32% growth in new houses in Q3 2024 compared to the previous quarter. This surge in inventory likely boosted the luxury property segment in Surabaya.
Infrastructure improvements, like the completion of the Djuanda Flyover, have enhanced connectivity between Surabaya and Sidoarjo. These developments make Surabaya a more appealing option for luxury property buyers.
Surabaya is a key player in the luxury housing market, contributing to a 24% increase in luxury house inventory across Java. This trend reflects the growing demand for high-end properties in the region.
With better roads and improved access, Surabaya is becoming a hotspot for luxury investments. The city's strategic location and enhanced infrastructure are drawing more interest from potential buyers.
As the market continues to expand, Surabaya's luxury property sector is poised for further growth, driven by these favorable conditions.
Source: Pinhome
13) Residential property developments in Surabaya's city center grew by 9% in 2024
In 2024, residential property developments in Surabaya's city center grew by 9%.
This uptick is part of a larger trend in Surabaya's property market, where new house inventory has surged, especially in areas like Sidoarjo Regency. The completion of key infrastructure projects, such as the Djuanda Flyover and various road improvements, has been pivotal in driving this growth.
Moreover, the demand for house rentals in Surabaya saw a 28% increase in Q3 2024. This spike is largely attributed to the transformation of West Surabaya into a bustling residential and commercial hub, drawing more people to the area and further energizing the property market.
While the specific 9% increase in the city center isn't explicitly detailed, it's likely part of the broader trend of new residential properties popping up across Surabaya. Factors like infrastructure development and economic stability are key contributors to this rise.
Surabaya's evolving landscape, with its improved infrastructure and growing housing demand, is making it an attractive option for potential property buyers. The city's development is not just limited to the city center but is a reflection of a wider positive shift in the region.
As Surabaya continues to grow, the property market is expected to remain robust, offering numerous opportunities for investment. The city's strategic developments and economic prospects are drawing attention from both local and international investors.
Sources: Pinhome, InCorp Asia, Property Kong
14) Residential property loan approvals in Surabaya rose by 7% in 2024
In 2024, residential property loans approved in Surabaya increased by 7%.
This uptick is part of a broader trend in Indonesia's property market. According to the Bank Indonesia Survey, there was a 1.89% year-over-year rise in the Residential Property Price Index, alongside a 31.16% surge in property sales. These figures highlight a growing interest in residential properties across the country.
Mortgage loans, known as KPR, also saw a boost. By March 2024, Bank Umum's KPR disbursements hit Rp 637.90 trillion, reflecting an 8.75% increase from the previous year. This indicates that more individuals are securing loans to buy homes, which aligns with the rise in loan approvals.
Indonesia's property market was projected to grow by 5% in 2024. This growth is fueled by urbanization, population growth, and increased foreign investment. The expanding middle class and a wave of young professionals entering the workforce are also contributing factors, likely leading to more residential property loans being approved.
Sources: Kontan, Property Kong, Bank Indonesia
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.