Mamay Sukaesih (Bank Mandiri) (The Jakarta Post)
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Jakarta ● Wed, December 7 2022We forecast that the property sector will grow slightly more slowly in 2023. Total home and apartment ownership loans will grow by 7 percent in 2023, lower than the 7.3 percent in 2022. The property sector in 2023 will face several challenges amid the recovery process.
The property sector will face some risk factors in 2023. The first risk factor is a global economic recession, which will affect the domestic economy. It could lead to a decrease in consumer confidence, which in turn causes people to put off buying property.
This situation was also demonstrated by Bank Indonesia’s (BI) consumer survey in October, which showed the proportion of respondents who had a plan to allocate excess income in the next 12 months for investment in property declined from 13.49 percent in September to 12.65 percent in October. Moreover, the proportion of respondents who planned to buy or build a house in the next 12 months also decreased.
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