JAKARTA: The absorption of the landed house market in the first half of this year increased by 25% compared to same period last year despite the rising of home price which was up 15%.Senior Vice President of Research and Consultancy Coldwell Banker Indonesia Tommy H. Bastamy said market growth of landed house during the first half of 2011 was triggered by stable interest rate of mortgage.According to him, the increase in demand is also followed by a rise in housing prices on an average of 10% -15%. In fact, for housing that has adequate infrastructure and a rapid development of residential area, the price may go up more than 15%."There is always a demand for landed house because there is always new family, or buyers who want to upgrade their small house to a large house or a buyer who wants to invest in property sector. During the first half of this year, the penetration has increased 25% compared to the same period last year, "he said to Bisnis yesterday.According to Tommy, the most active residential development is occurred in Jakarta, Bogor, Depok, Tangerang, and Bekasi. Meanwhile, Bandung, Semarang, Surabaya, Makassar and Balikpapan is also beginning to develop large scale housing.As he explained, in comparison with market developments in other countries, housing price in Indonesia is more competitive because of the land availability is still effective."The national housing market is still effective compared to other countries. In Singapore, Malaysia, and Australia is more geared to develop a vertical housing or apartments because of limited land," he said.According to property consultant, Cushman & Wakefield, Indonesia and Australia have the type of the property market which is likely to rise in comparison with other Asia Pacific countries in the market volatile."This years estimated property investment in Asia Pacific is set at US$430 billion compared with US for US$134.8 billion and Europe for US$202.4 billion," Managing Director of Asia Pacific Research Cushman & Wakefield said Sigrid Zialcita on Tuesday.Strong purchasing powerChairman of Indonesia Housing and Developer Association Ganefo Eddy said the growth of property business, especially for housing during the first 6 months of the year was quite high due to improvement on purchasing power.Besides, he explained, the government's attention towards housing sector is so much better, especially related to public policies on subsidize program for the lower middle class.However, according to him, improvement in the lower-middle class housing is still needed, especially ease of licensing process.Chairman of Central Board of Real Estate Indonesia (REI) Setyo Maharso said the housing market growth in the first half of 2011 was supported by a stable exchange rate and interest rate of Bank Indonesia Certificate (SBI). (t03/msw)

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