Weak Purchasing Power: 32,130 Condominium Units in Jakarta Remain Unsold

The condominium market in the Greater Jakarta metropolitan area began the first quarter of 2026 with prolonged stagnation.

Although authorities recorded a slight increase in interest at the beginning of the year, overall consumer sentiment remains conservative.

This weak absorption has led to an accumulation of secondary inventory, leaving thousands of vertical apartment units unsold due to declining purchasing power and capital flight among investors.

In the DKI Jakarta area, the total condominium supply now stands at around 189,000 units.

However, of this total volume, the cumulative sales rate is only holding steady at 83 percent.

This means that there are at least 32,130 condominium units in the city of Jakarta that have failed to be absorbed by the market and remain as dead inventory for developers.

The situation is even worse in the surrounding areas (Bodetabek). With a total supply offered on the market reaching 23,400 units, the cumulative sales rate has actually fallen further to 82 percent.

Senior Director of Strategic Consulting at JLL Indonesia, Milda Abidin, confirmed that current transaction activity is purely supported by first-time homebuyers (end-users), while investors are choosing to withdraw.

According to her, the condominium market has not yet shown a massive recovery. Demand in this quarter is driven by units that have been completed and are ready for occupancy.

“Consumers are being very cautious, prioritizing projects with clear legal status and physical condition to avoid the risk of construction failures,” Milda told Kompas.com on Tuesday (May 12, 2026).

The only stimulus preventing this market from falling further is the government’s Value Added Tax (VAT) incentive policy.

This fiscal instrument has managed to attract a small number of buyers who need immediate housing. However, this stimulus has proven ineffective in reviving investor interest.