Luxury House Prices in Jakarta Rise 34% (YoY) in Second Quarter 2013
According to property consulting services company Jones Lang LaSalle, Jakarta is showing the steepest increase in prices of luxury houses among several Asian cities that have been monitored. In the second quarter of 2013, prices of luxury houses in Jakarta increased 34.2 percent year on year, followed by Beijing with a 18.7 percent price growth rate. The only city that saw a depreciation of luxury house prices was Singapore (-2.1 percent). Luxury house prices in Jakarta grew nine percent compared to the first quarter of 2013.
The main reason why Jakarta shows this steep increase in the value of luxury houses is principally because domestic demand for housing outpaces the development of new property projects. Jones Lang LaSalle claims that prices of luxury houses will continue to grow in 2013.
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