Property agents go bust

JAKARTA (JP): Many real estate agents have ceased their activities as the country's economic crisis bites deeper into the property industry, a real estate agent said.

President of Indonesian Real Estate Brokerage Association Cynthia Sonneville estimated on Wednesday that approximately only 20 out of 114 registered real estate agents are currently in operation.

She said market over-supply combined with reduced demand had delivered a blow to most real estate agents.

"Real estate agents experienced almost an 80 percent decrease in transactions of house rents to expatriates," Cynthia said, illustrating the severity of the current situation. (02)