Are you considering buying an apartment in Jakarta? Now might be the ideal time to do so. The city’s residential property market is experiencing increased demand due to the return of residents and a resurgence in business activities. Consequently, prices are rapidly rising, making it imperative to make a purchase sooner rather than later. In this article, we’ll delve into apartment and condo prices in Jakarta.
How much are the apartment and condo prices in Jakarta?
Several factors affect the apartment and condo prices in Jakarta. However, because it is the central business hub of Indonesia, you should expect it to be more expensive than neighboring provinces. Nonetheless, you can still find affordable condos, and it will depend on features such as size, location, amenities, and market conditions.
South Jakarta
South Jakarta offers many options for those looking to buy or rent an apartment or condo, from luxurious high-rise buildings to more affordable units. Easy access to transportation and numerous amenities make it a popular choice for expats.
Condo and apartment prices in South Jakarta
| Average buy price | Average price/sqm | Average rent price | |
|---|---|---|---|
| Apartment | IDR 2 billion ($122,000) | IDR 29.7 million ($1,812) | IDR 15.9 million ($970) |
| Condo | IDR 1 billion ($61,000) | IDR 7 million ($427) | IDR 242.7 million ($14,805) |
West Jakarta
West Jakarta is a strategic location, with easy access to the airport, major highways, and tourist spots. It is convenient for commuters and travelers, making it a prime location for apartments without breaking the bank.
Condo and apartment prices in West Jakarta
| Average buy price | Average price/sqm | Average rent price | |
|---|---|---|---|
| Apartment | IDR 974 million ($59,414) | IDR 21 million ($1,281) | IDR 49 million ($2,989) |
| Condo | IDR 1 billion ($61,000) | IDR 10 million ($610) | IDR 107 million ($6,527) |
North Jakarta
North Jakarta is a rapidly developing area that offers excellent opportunities for those looking to buy an apartment or condo. With several new projects underway, the site is experiencing an increasing demand, making it an ideal choice for those who value convenience and a cosmopolitan lifestyle.
Condo and apartment prices in North Jakarta
| Average buy price | Average price/sqm | Average rent price | |
|---|---|---|---|
| Apartment | IDR 922 million ($56,242) | IDR 18 million ($1,098) | IDR 4 million ($244) |
| Condo | IDR 257 million ($15,677) | IDR 1.8 million ($110) | IDR 134 million ($8,174) |
Central Jakarta
Central Jakarta is the city’s heart and a prime location for those looking to buy an apartment or condo. The area is known for its upscale shopping centers, world-class restaurants, and cultural landmarks, making it an excellent option for those who want to experience the best of Jakarta’s urban lifestyle.
Condo and apartment prices in Central Jakarta
| Average buy price | Average price/sqm | Average rent price | |
|---|---|---|---|
| Apartment | IDR 1 billion ($61,000) | IDR 21 million ($1,281) | IDR 34 million ($2,074) |
| Condo | IDR 880 million ($53,680) | IDR 12 million ($732) | IDR 19.6 million ($1,196) |
East Jakarta
East Jakarta is Jakarta’s industrial hub, the most cost-effective alternative among the city’s five administrative districts for purchasing apartments and condos.
Condo and apartment prices in East Jakarta
| Average buy price | Average price/sqm | Average rent price | |
|---|---|---|---|
| Apartment | IDR 640 million ($39,040) | IDR 17.5 million ($1,068) | IDR 4.5 million ($275) |
| Condo | IDR 412.5 million ($25,163) | IDR 6 million ($366) | IDR 242 million ($14,762) |
Difference between an apartment and a condo
Although condos and apartments may appear similar in structure, with multiple living units and shared amenities located within the same building, the key distinction lies in their ownership. This differentiation can affect those seeking to rent or purchase a property. Generally, apartments are usually owned by a single landlord, while tenants collectively own condos. Because of this difference, the apartment and condo prices in Jakarta also differ.
Can foreigners buy an apartment or condo in Jakarta?
Yes, a foreigner can buy an apartment or condo in Jakarta. However, they can only own it under a Hak Pakai title. This means that the foreigner does not have full ownership over the property but may hold the title for a specific period. Alternatively, they can buy the apartment or condo under a leasehold agreement or through a PT PMA (foreign-owned company).
Need help buying an apartment or condo in Jakarta?
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Frequently Asked Questions (FAQs)
How can a foreigner own an apartment in Jakarta?
How much does it cost to rent an apartment in Jakarta?
On average, an apartment in Jakarta has a median rent price of IDR 4.8 million ($293). However, renting an apartment in Jakarta varies widely depending on location, size, and amenities. Prices can range from affordable to luxury segments, with more expensive central areas.
How much does an apartment in Jakarta cost?
The purchase price of an apartment in Jakarta depends on location, size, and facilities. Prices for luxury apartments in prime locations can range from moderate to very high.
How much does a condo in Jakarta cost?
Condos in Jakarta, similar to apartments, vary in price. Factors influencing cost include the development’s quality, location, and additional amenities. Prices typically align with the real estate market trends in the city.
Why are the apartment and condo prices in Jakarta high?
The apartment and condo prices in Jakarta are high due to increasing demand, strategic locations, premium facilities, and overall market dynamics in a growing metropolitan city. The high apartment and condo prices in Jakarta can make investing more challenging but also offer new possibilities.
