Falling, Falling...

Ming Kuok Lim did not hesitate to move to Kemang Village Residence in early January. The communications and information adviser to the United Nations specialized agency that deals with education, science and culture, UNESCO, was offered a cheaper rental rate. In a meeting with a marketing agent in late last December, the rental price of the exclusive apartment complex in South Jakarta was US$2,000 per month, or about Rp27.8 million.

Early last year, the lease of apartments in the residential area belonging to Lippo Karawaci was still expensive. "I do not know the original price but it seems there was a decline," said Lim last week via WhatsApp messaging service. Based on Tempo's investigation, the monthly rent of a three-room apartment in the complex was usually US$4,800, approximately Rp67 million.

January 26, 2016