Jakarta - The Residential Property Price Survey (RPPS) of Bank Indonesia indicated that residential property prices in the primary market would grow in the first quarter of 2022.

"This was reflected in the growth of the Residential Property Price Index (RPPI) in the first quarter of 2022, which was recorded at 1.87% (YoY), higher than the growth in the previous quarter of 1.47% (YoY)," said BI Communications Director Erwin Haryono on Wednesday (5/18).

Meanwhile, residential property prices in the primary market are forecasted for limited growth in Q2-2022 at 1.16% (YoY).

In terms of sales, survey results for the first quarter of 2022 indicated an improvement in sales of residential properties in the primary market, although they were still contracting.

"This improvement was reflected in residential property sales, which contracted by 10.11% (YoY) in the first quarter of 2022, better than the contraction in the previous quarter o