Demand for Condominium Properties Has Declined Since 2020

Jones Lang LaSalle (JLL) Indonesia has recorded a decline in demand for condominium properties from 2020 to 2025. Senior Director of Strategic Consulting at Jones Lang LaSalle (JLL), Milda Abidin, stated that this situation is influenced by developers’ decisions to launch new products on a limited basis and adopt a wait-and-see approach to market developments. Consumers are also considering the accessibility of condominiums to infrastructure and public transportation. “It usually also serves as a trigger for developers to assess when the infrastructure will be connected or what the connectivity and ease of access will be like,” she said during a press conference at her office on Tuesday, 12 May 2026.

According to Milda, condominiums were once an attractive investment asset. The owners of these properties were predominantly investors rather than end-users, but currently, the proportion is more balanced between those owned by investors and end-users.

Based on JLL Indonesia’s report, the number of units absorbed in the market in 2020 was around 1,300. This then fell below 1,000 units in 2021 to 2023, below 500 units in 2024 and 2025, and during January to March 2026.

In 2026, sales are supported by units that have already been constructed. Ready-to-occupy units are an attraction for buyers because consumers benefit from government-covered Value-Added Tax incentives. This condition has driven cumulative sales to reach 83 per cent.

Usually, Milda said, sales of completed condominium products are not quick. However, there is certainly rapid sales when new products emerge.

“This is what causes the demand to appear to have declined, but it’s not because the new products are not being absorbed; there simply are no new products,” she explained.

In the first quarter of 2026, JLL recorded only one new project launched in South Jakarta by a developer with an established buyer base. Overall, the supply of new units in the market remains limited.

Nevertheless, condominium prices are said to remain stable with slight increases in a number of projects in the luxury and upper-class segments. Developers tend to maintain prices while offering various promotions.