Property agents go bust

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)