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    House Prices in West Java Rose, Consequently Sales Fell

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    BANDUNG - Bank Indonesia (BI) West Java (West Java) said housing prices in the first quarter 2018 increased. As a result, sales have decreased.

    West Java BI Survey mentioned Residential Property Price Index (IHPR) recorded growth of 5.89 percent ( yoy ). The condition is reflected in the rise in residential property prices in the 2018 quarter which occurred in all types of houses.

    Price growth for small, medium and large type houses were 6.06 percent ( yoy ), 6.77 percent ( yoy ) and 4.82 percent ( yoy ), respectively. Property price growth is triggered by the rising prices of construction materials and wages of workers and the cost of licensing is quite high.

    "In terms of volume, residential property sales in the first quarter of 2018 tend to cope with the decline, especially in medium and large type houses," said Head of Group / Director of BI Representative West Java Ismet Inono at his office on Tuesday (22/5/18).

    While the Commercial Property Price Index (IHPK) in the 1st Quarter of 2018 grew 0.38 percent ( yoy ). The higher price growth especially occurred in the retail segment of 1.89 percent and the apartment by 3.31 percent.

    "The high demand for apartments and offices are also the cause of the rising prices of commercial property," he explained. (Jo)

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