According to a recent report from Bisnis.com, top property developers are optimistic that the prospects for the property business in 2023 will be brilliant, amidst the challenges of macroeconomic and global growth.
The government has warned several times about a global recession that could hit any country. However, Indonesia continues to show positive economic growth at 5.72-percent in Q3/ 2022.
Deputy Chairperson for Real Estate Indonesia (REI) for Communication, Promotion and Exhibition Affairs Ahmad Zulfikar Fauzi interpreted the economic growth conditions as a signal that the domestic market would still strengthen despite being hit by recession issues. This optimism comes from Indonesia’s experience in facing a recession or economic crisis in 1998, 2008, and during the 2020 pandemic.
According to him, Indonesia has managed to get through these times well. “All of our markets are domestic, our domestic market is strong, and don’t you remember when we were in a recession, who defended this country to continue to exist? Our own nation,” said Ahmad Zulfikar alias Ikang in a talk show at the Indonesia Property Expo 2022 at JCC Senayan, Jakarta, Friday (25/11/2022), report Bisnis.Com
However, he did not deny that vigilance still needs to be increased and the public needs to be prepared for all possibilities. On the other hand, he is optimistic that growth in the property market will continue with the presence of millennials.
The future property needs are in the hands of millennials, so developers are currently trying to meet these needs. “They are empowered, they can turn on the business network so that it continues to run, so the money continues to circulate,” he said.
Furthermore, according to Ikang, what needs to be done right now is to keep the market there. For this reason, developers continue to provide offers ranging from innovative financing schemes, subsidies, promos, and others. “The market is kami-sama [in Japanese], meaning the market is god. So the boss is the market and the market is millennials,” he said.
Bisnis.Com go on to say that one of the developers, namely Director of Millennium City, Jason Tan stressed the importance of taking opportunities to invest now, including in the property sector. “Again, in difficult times, all developers will definitely offer promos, which in my opinion will not happen in times that are not difficult anymore , now this is what we are educating people to see this opportunity.
Spending must be reduced, entering into investment opportunities, including property,” he said. At the same event, various big-name developers attended, starting from Ciputra Development, Summarecon Agung, Jababeka, to Adhi Commuter Properti. All developers agree that the prospects for property in 2023 are bright as long as the domestic market is maintained.