Indonesia’s real estate revenue down 70 percent hinh anh 1Illlustrative image (Photo: Internet)

Jakarta (VNA) - Secretary General of the Association of Housing Development of Indonesia (Peurmahan) Daniel Djumali has announced that revenue in the country’s real estate market this year has slumped by 70 percent year-on-year due to the COVID-19 pandemic.

The latest report from Peurmahan showed that demand for high-end housing fell 40-70 percent against 2019 while demand for low-end housing was down 20-25 percent.

Property developers are expecting a recovery in low-end housing to save the market, it noted.

Developers have switched to online selling and offered preferential packages for buyers. Banks have also offered preferential loans to low-income buyers to make it easier for them to access the market./.