Indonesian property prices, rents seen coming under pressure

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 Jones Lang Lasalle is expected to release rental and property value data for Jakarta during the first three months of 2015. The news may go some way to dampen market expectations.

Bloomberg Data suggest shares of property developers including Sinarmasland and Lippo Karawaci will climb by 14 per cent or more before the year is out, thanks in part to "buy" ratings assign…