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Luxury Property Prices Soar in Jakarta as Economy Fires Up Demand

The Jakarta Globe
Workers install a steel structure for a building's pillars at a superblock in Jakarta in December. The value of luxury property in Jakarta increased more than any major city in the region late last year, as the nation’s economic strength boosted domestic demand. (Reuters Photo)

Workers install a steel structure for a building's pillars at a superblock in Jakarta in December. The value of luxury property in Jakarta increased more than any major city in the region late last year, as the nation’s economic strength boosted domestic demand. (Reuters Photo)


The value of luxury property in Jakarta increased more than any major city in the region late last year, as the nation’s economic strength boosted domestic demand, Jones Lang LaSalle has reported.



The property advisory firm said Jakarta saw the biggest increase in high-end residential property value in the fourth quarter last year compared to the same period in 2010 among the eight cities in its study. 

Of the cities surveyed, only Jakarta and Hong Kong showed substantial increases in value: Jakarta’s property prices rose 14.4 percent and Hong Kong’s 11.7 percent. 

Property prices in Bangkok were up 3.6 percent in the fourth quarter last year compared to a year earlier, while Mumbai saw a 1.3 percent climb. 

Jones Lang LaSalle’s review defined luxury properties to include apartments, condominiums and detached and semi-detached housing located in traditional prime areas. 

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