Indonesian realty market remains semi-transparent
Indonesia needs to provide a centralized and updated database on land and asset sales if it wants to develop a more robust residential market, the latest report by property consultancy Jones Lang LaSalle (JLL) revealed.
“While the region as a whole has shown improvement, most countries in Asia Pacific are still not transparent,” said Jane Murray, Head of research, JLL-Asia Pacific.
The property consultancy ranked Indonesia 45th out of 109 countries in its biennial Global Real Estate Transparency Index, placing the country in the so-called semi-transparent category alongside Thailand, the Philippines and South Korea.
Indonesia has improved its score to 2.69 from the previous 2.85, with 1 indicating very high transparency and 5 indicating an opaque market. The country stays as a semi-transparent market but has slipped from the 39th place in the previous report. The previous report rated only 102 countries.
However, this year has been an interesting so far for the Indonesian property sector, hence the improved score.