If you’re considering buying an apartment in Jakarta, now may be the perfect time to act. The city’s residential property market is experiencing a surge in demand, fueled by the return of people to the area and a resurgence of business activities. As a result, prices continue to rise rapidly, making it essential to purchase sooner rather than later. In this article, we’ll explore the benefits of buying an apartment in Jakarta and share the apartment and condo prices in Jakarta.
What are the average apartment and condo prices in Jakarta?
Several factors affect the prices of apartments available 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.
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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 makes it a popular choice for expats.
Apartment and condo prices in South Jakarta
| Average Buy Price | Average Price/Sqm | Average Rent Price | |
|---|---|---|---|
| Apartment | IDR 2 billion | IDR 29.7 million | IDR 15.9 million |
| Condo | IDR 1 billion | IDR 7 million | IDR 242.7 million |
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.
Apartment and condo prices in West Jakarta
| Average Buy Price | Average Price/Sqm | Average Rent Price | |
|---|---|---|---|
| Apartment | IDR 974 million | IDR 21 million | IDR 49 million |
| Condo | IDR 1 billion | IDR 10 million | IDR 107 million |
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.
Apartment and condo prices in North Jakarta
| Average Buy Price | Average Price/Sqm | Average Rent Price | |
|---|---|---|---|
| Apartment | IDR 922 million | IDR 18 million | IDR 4 million |
| Condo | IDR 257 million | IDR 1.8 million | IDR 134 million |
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.
Apartment and condo prices in Central Jakarta
| Average Buy Price | Average Price/Sqm | Average Rent Price | |
|---|---|---|---|
| Apartment | IDR 1 billion | IDR 21 million | IDR 34 million |
| Condo | IDR 880 million | IDR 12 million | IDR 19.6 million |
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.
Apartment and condo prices in East Jakarta
| Average Buy Price | Average Price/Sqm | Average Rent Price | |
|---|---|---|---|
| Apartment | IDR 640 million | IDR 17.5 million | IDR 4.5 million |
| Condo | IDR 412.5 million | IDR 6 million | IDR 242 million |
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.
Can a foreigner buy an apartment/condo in Jakarta?
Yes, a foreigner can buy an apartment or condo in Jakarta subject to the regulation that they only own it under a Hak Pakai title. It connotes that the foreigner does not have full ownership over the property but may hold title over it for a specific period.
How to find a suitable property in Jakarta?
Online property listing and social media platforms showcase properties in Jakarta. Still, the best way to find a property is by seeking professional services from a real estate agent. Such agents have access to a broader range of property listings and can assist you in negotiating with sellers to find a property that suits your requirements and budget.
Interested? Make your real estate journey smoother, and consult with our expert real estate agent to discover the possibilities for your property in Jakarta.
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Conclusion
The cost of buying an apartment in Jakarta varies widely. While some areas offer more affordable options, others may have higher prices due to their prime location and exclusive amenities. However, Jakarta’s property market is relatively inexpensive overall compared to other major cities in the region, making it an attractive option for local and foreign buyers. Buyers need to do their research to get a bang for their buck.
Frequently Asked Questions (FAQs)
How can a foreigner own an apartment in Jakarta?
A foreigner may own an apartment if he has a KITAP/KITAS and acquires the property under a Hak Pakai or Hak Sewa title.
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.
Is it expensive to live in Jakarta?
It depends on your lifestyle, but living in Jakarta is generally more expensive than in neighboring regions since it is Indonesia’s capital. However, living in Jakarta remains relatively cheaper compared to other countries.
