COVID-19: Early Warning for Property Markets

Posted On : The Jakarta Post, 26 March 2020
Harizul Akbar Nazwar, B.Eng., M.Ec.Dev., MAPPI (Cert.)

Missed Prediction
At the beginning of the year, many predicted that the property market in 2020 would getting better. Several economic stimuli, both directly and indirectly related to the property market, have been issued. One of the policy packages that has become an effective strategy for the government to boost property growth is the relaxation of loan to value mortgages from 10% to 5%, effective on December, 2019. In addition, since mid-2019, the Minister of Finance has also reduced PPNBm (Value Added Tax on Luxury Goods) by issuing the minister of finance regulation number PMK 92/PMK.03/2019 from the 20 billion to 30 billion thresholds with the aim of boosting the middle to upper class property market.
But until the first quarter of 2020, there were no signs that the property market in Indonesia was improving. Colliers research results show that the growth in apartment prices in the Jakarta CBD in the fourth quarter of 2019 grew stagnant, while as year on year (yoy) it only grew by 0.8%. Bank Indonesia’s Residential Property Price Index (RPPI) recorded a decline in growth of only 1.77%, lower than 1.80% in the third quarter of 2019 (yoy). The slowdown was also shown in the commercial property market. The commercial property market in Indonesia has experienced a significant slowdown, from 3.12% (yoy) in the third quarter to only 0.04% (yoy) in the fourth quarter of 2019.
This condition was also exacerbated by the depressed condition of the Indonesian economy during the end of semester 2019. BPS noted that Indonesia’s economic growth in 2019 was only 5.02% lower than in 2018 which was 5.17%. Considering that the property sector has a linkage to 10 other sectors, the national economic slowdown will also directly impact the property sector slowdown. (more…)

Asset Optimization as an Alternative Financing for New Capital

Posted On : The Jakarta Post, 15 October 2019
Harizul Akbar Nazwar, B.Eng., M.Ec.Dev., MAPPI (Cert.)

In recent times, discourse related to relocation of National Capital become a warm discourse that is almost always heard. Despite reaping the many pros and cons, President Jokowi has announced that the location of the new National Capital will be in some administrative areas of North Penajam Paser Regency and Kutai Kartanegara Regency, East Kalimantan Province. (more…)

Real Estate Today: The Emergence of Digital Transformation

Posted On : The Jakarta Post, 11 July 2019
Harizul Akbar Nazwar, B.Eng., M.Ec.Dev., MAPPI (Cert.)

Talking about transformation, means talking about change. Today’s modern world is heavily influenced by change. This is proven by the occurrence of radical changes from various sectors, ranging from politics, economics, to cultures all over the world. Changes that occur nowadays are very much influenced and shaped by technology.
There are three reasons why the current transformation is not only a continuation of the Industrial Revolution 3.0, but rather represents the presence of the Industrial Revolution 4.0 which indicates radical changes: velocity, scope and systems impact. When compared to the previous industrial revolution, the 4.0 had no historical precedent, developed at an exponential pace and with high volatility.
An Ernest & Young survey shows 74% of participants from various industry respond, disruptive competition is the most significant challenge that must be face by the industry today, far above the concern of global economy uncertainty which is only 16%. The survey results clearly show that today’s industry is very attentive to the intense competition influenced by the role of digital technology. (more…)

Menyoal Urgensi Undang-Undang Penilai

Posted On : Harian Kontan, 28 December 2019
Harizul Akbar Nazwar, B.Eng., M.Ec.Dev., MAPPI (Cert.)

Jika ditelaah secara singkat, profesi penilai mulai dikenal sekitar tahun 1970, tepatnya ketika Indonesia membuka pintu masuk investasi asing dan mengaktifkan kembali kegiatan pasar modal. Hal ini erat kaitannya dengan perubahan model ekonomi Indonesia, dari ekonomi tertutup menuju ekonomi terbuka yang ditandai dengan keluarnya Undang-Undang No. 1 Tahun 1967 tentang Penanaman Modal Asing (PMA).
Dalam beberapa dekade terakhir, terjadi eskalasi yang signifikan bagi Penilai sebagai salah satu profesi yang menunjang perekonomian nasional. Peran tersebut setidaknya terbagi dua, yaitu sektor publik dan sektor swasta. Di sektor publik, penilai memiliki peran strategis dalam menjalankan beberapa fungsi antara lain adalah pengelolaan dan optimalisasi aset negara, praktik pembebasan tanah untuk kepentingan umum, serta untuk kepentingan perpajakan. Adapun di sektor swasta, penilai berperan penting dalam mengawal terciptanya kegiatan ekonomi yang transparan dan akuntabel. (more…)

Transit Oriented Development: The Future of Jakarta

Posted on : The Jakarta Post, 24 March 2018
(Certified Property Valuer & Real Estate Analyst at Amin, Nirwan, Alfiantori & Partners Valuation Firm)

According to a report from the United Nations, the world population growth is expected to touch 6.3 billion in 2030, of which 94% of the figure is contributed by developing countries including Indonesia. While there is an estimation of about 828 million people in developing countries will live in slums and live in homes that are unfit for habitation. This indicates that there are still many people who do not have the ability to have a decent and affordable home. Therefore, it becomes a logical consequence for our country, to control the problem of housing needs with an appropriate and effective approach. One of the solutions used in the context of housing needs is the procurement of affordable housing. (more…)


21st Asean Valuers Association Congress – Yogyakarta, Indonesia – 26 December 2018
Prepared by: HARIZUL AKBAR NAZWAR, B.Eng., M.Ec.Dev., MAPPI (Cert.)
(Certified Property Valuer & Real Estate Analyst at Amin, Nirwan, Alfiantori & Partners Valuation Firm)


 Jakarta’s massive economic growth has caused many people to urbanizing with economic motives, either investment or job seeking, resulted massive urbanization and urban agglomeration. Greater Jakarta (Jabodetabek) as a business center and state’s capital has experienced a population growth of 1.3 times over the period 2000 – 2010 with an average population growth of 2.8% per year which has a total population of 31 million people. This trend led to some serious problems, which are housing backlog, urban sprawl, and traffic congestion. (more…)

Property Market Review: From Commodity to Infrastructure Driven

Posted on : Bisnis Indonesia, 19 February 2019
(Certified Property Valuer & Real Estate Analyst at Amin, Nirwan, Alfiantori & Partners Valuation Firm)

A new era of the Indonesian property market began in the 1980s as seen in the development of new towns during the period between 1985 until the 2000s, such as Lippo Karawaci, Gading Serpong, Bumi Serpong Damai in Tangerang and Kota Legenda in Bekasi, east of the capital.

The new towns triggered the property market in the Greater Jakarta as an alternative for most of the middle and lower middle-class. Within a relatively short period the new town development managed to enter the market boom cycle due to soaring demand levels. (more…)

Menakar Dampak Tax Amnesty Terhadap pasar Properti

Posted on : Majalah Properti Indonesia, October 2017
(Certified Property Valuer & Real Estate Analyst at Amin, Nirwan, Alfiantori & Partners Valuation Firm)

Tidak terasa program Tax Amnesty yang diawal di ragukan akan berhasil dan memenuhi target telah selesai dijalankan dan mendulang beberapa catatan manis. Pertama kali kebijakan Tax Amnesty digulirkan oleh Pemerintah adalah tertanggal 23 Agustus 2016 seiring telah di-undangkannya UU Pengampunan Pajak. Secara resmi, definisi pengampunan pajak adalah penghapusan pajak yang seharusnya terutang, tidak dikenai sanksi administrasi perpajakan dan sanksi pidana di bidang perpajakan, dengan cara mengungkap harta dan membayar uang tebusan sebagaimana diatur dalam UU No. 11 Tahun 2016 Tentang Pengampunan Pajak. Kebijakan ini dilatarbelakangi oleh beberapa sebab. Salah satunya adalah minimnya ruang fiscal Indonesia khususnya untuk proyek-proyek pembangunan infrastruktur. Presiden Jokowi yang dari awal memiliki visi misi didalam pemerintahannya yang dikenal dengan ‘Nawacita’ dimana salah satu poin nya adalah membangun dan mempercepat pembangunan infrastruktur tentu tidak bisa tinggal diam dalam menghadapi persoalan fiskal tersebut. (more…)

Land Banking : Solution for Agrarian Reforms

Posted on : The Jakarta Post, 22 December 2017
(Certified Property Valuer & Real Estate Analyst at Amin, Nirwan, Alfiantori & Partners Valuation Firm)

Housing backlog in Indonesia is relatively high. According to the Ministry of Public Works and People’s Housing, the housing backlog in Indonesia has reached 13.5 million units. This figure indicates that there are 13.5 million families that have no living place and/or permanent living place. Even the latest data from Perumnas stated that there is an increase in housing needs of about 800,000 units each year, caused by population growth and urbanization. On the other hand, the supply of houses that can be met in the residential class segment for low-income communities (MBR) is only 400,000 units per year, with a gap of 400,000 units per year. According to the data taken from Central Bureau Statistics, DKI Jakarta is the province with one of the lowest home ownership rate of 51.09%. (more…)