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Indonesian property prices, rents seen coming under pressure

Luxury tax to be levied on most new apartments; Jakarta to get an estimated 1m sq m of prime office space
Tuesday, April 14, 2015 - 05:50
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A 20 per cent luxury tax on new apartments sold off plan will be levied on any property worth more than 1.5 billion rupiah (S$158,500).

Jakarta

PLANS to expand a luxury tax on new apartments in Indonesia and a flood of office space will weigh heavily on rents and property prices in the coming months, bringing to an end - at least for now - some of the region's more spectacular gains.

This week, property consultant