Property Market Report | H1 2020 Surabaya Apartment

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Some transactions were made in Q1 2020, but by the end of April the Surabaya government had imposed large-scale social restrictions as the number of COVID-19 cases had risen rapidly. As a result, all sales activity was hampered, and both new inquiries and sales transactions were almost zero. Prices remained flat as most developers held prices at pre-COVID-19 levels, and it was pointless for developers to launch new projects, because no matter how they adjusted the price down, or offered marketing gimmicks, demand was negligible.

This is a good time for potential buyers to make transactions, as many developers are willing to negotiate to attract buyers during the pandemic. However, for developers, it is better to hold off on any new project launches and focus on finishing under- construction projects to retain their reputations


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Property Market Report | H1 2020 Surabaya Apartment

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Related Experts

Ferry Salanto

Senior Associate Director

Jakarta

As Head Research Department, Ferry is in charge in providing property market knowledge for internal purposes and for clients. The scope of sectors covered in the quarterly market report comprises office, apartment, retail, hotel and industrial estate.

In regional tasks, the Heads of Research of each country work together in providing regional market reports covering the Asia Pacific region and globally. Currently Research Department is not only operating as a cost-centre department, as he and his team have been assigned by the Central Bank to provide monthly market information.

On the consulting front, the task involves providing a wide range of advisory services to our clients. Working closely with Consulting Department, we help clientsby preparing feasibility studies to determine whether their property projectsare viable from both financial or marketing aspects. 

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Rizal Gobi

Manager

Jakarta

Rizal Gobi serves as the Research Manager, focusing on residential market. Gobi tracks economic, demographic, property related issues, new policies related to property market and apartment and housing data and utilize the information to produce insightful reports on a recurring basis.

He is proficient in aggregating intelligence from a variety of third party resources and also collects tabulates, and distributes primary research. In this role, Gobi works closely with Advisory Services team, Residential Tenant Representation team, and Capital Market & Investment Services team.

He is familiar with Greater Jakarta area (Bekasi, South Tangerang, Depok, Bogor), Surabaya and East Timor property market.

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