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PROPERTY NEWS: Jakarta residential spikes; China, India heat up retail market

New Straits Times
PROPERTY NEWS: Jakarta residential spikes; China, India heat up retail market - Jakarta - property market


Jakarta outperformed all monitored markets in Asia in the high-end residential sector, supported by strong underlying fundamentals, according to the latest Residential Index from Jones Lang LaSalle. The city is set to see the strongest price growth for the rest of 2012 due to solid local demand.



“The market has been fuelled by strong wage and employment growth, low interest rates and high consumer confidence. We expect this upward trend to continue for the rest of the year, in line with projections that Jakarta will see the strongest price growth in the luxury residential space in 2012,” said Todd Lauchlan, Country Head, Jones Lang LaSalle Indonesia.
 
Manila was another emerging city that registered double-digit growth at 10.5 per cent in its luxury property market in the 12 months to end-Q2.
 
On the other hand, developed markets such as Hong Kong, Singapore, Shanghai and Beijing saw annual declines in high-end residential prices of up to 8 per cent.
 
Meanwhile, Jones Lang LaSalle’s new report, Redefining Retail Investment, predicted that annual investment volumes in retail real estate could hit RM550 billion globally by 2020 due to increasing cross-border activity, showing growth of around 50 percent on the projected volumes for 2012 (RM336–382 billion).

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