The development of the property sector tends to be influenced by the economic prospects and people's income in the future.
The development of the property sector tends to be influenced by the economic prospects and people's income in the future.Please note that this article was automatically translated using Microsoft Azure AI, Open AI, and Google Translation AI. We cannot ensure that the entire content is translated accurately. If you spot any errors or inconsistencies, contact us atA housing loan promotion offer displayed at one of the booths in Ciputra Mall, Semarang City, Central Java, on Friday .
"In fact, when there is a commodity boom , the demand for mortgages and the development of the property sector have a more significant impact," he said when contacted from Jakarta, Wednesday .factor that influences mortgage demand. However, this is more influenced by expectations regarding economic conditions and people's income in the future.
Monetary policies, of course, affect the interest rates offered by banks for new home mortgages. In turn, this will certainly affect the demand of the community for home mortgages from homebuyers. Previously, the International Monetary Fund highlighted the impact of long-term high interest rate policies on home loan demand, consumption rates, and economic growth. This was conveyed in the World Economic Outlook report titled"Feeling the Pinch? Tracing the Effects of Monetary Policy through Housing Markets" which was released on Monday, April 8th, 2024.
The property sector will continue to grow considering the large interest in home ownership by the public in line with the large support from the government. "In this regard, monetary policy will have a direct effect on household consumption with the reduction of such expenses, although it is not too influential on house prices," he said.On the other hand, the level of nonperforming loans in the property sector tends to increase slightly, although it is still within the threshold. As of January 2024, the NPL in the property sector was at the level of 2.63 percent or increased monthly and annually, respectively 2.47 percent and 2.46 percent.
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