Indonesia secondary housing prices see low real growth amid supply decline

Indonesia's secondary housing market is experiencing a decline in real price growth due to purchasing power pressures. According to the August 2026 Flash Report by Rumah123, the national Resale Price Index (RPI) grew by only 0.9% year-on-year through July 2026, significantly trailing the national inflation rate of 2.9% for the same period.

Despite the decline in real value, the market faces a supply shortage. The supply of secondary homes fell by 16.4% year-on-year in July 2026. Marisa Jaya, Head of Market Research at Rumah123, noted that while property search activity remains high—particularly in Jakarta's satellite cities and areas with investment appeal—the decreasing supply creates a gap between consumer interest and available units.

Tangerang remains the most popular region for secondary home searches, accounting for 14.7% of total searches in July 2026.