I often ask to people who understand the property market in Indonesia about the chance of property price to fall. Most, if not all, would say it's impossible, it will keep going up. Now is even the best time to enter, as it's stagnant for quite some time.
But this is my view:
Many young people nowadays aren't thinking too much about buying a house as their main investment concern. It may already be too expensive for them.
And in the future, the next (after Z) generations, may prefer to spend their money on travelling, while working remotely or away from city centre (as the trend starts to unfold now). As such, the demand to stay within the big (or expensive) area would decline.
Then, it's fairly reasonable to say that there are many vacant lands nearby the surrounding Jabodetabek area.
In comparison with Singapore/ Hongkong/ Tokyo, where there's very limited land; it would make sense for the property price to go up even further there.
Meanwhile, there is still vacant land here (though not in the city centre, but it's realtively not too far away),thus logically, if there is supply, and prices continue to rise, it means that one day it must go down in order to continue its rise. As simple as that.
In Indonesia, it seems that the only time the property went bust was in 1998, and it was also a very quick "correction". So it shouldn't be considered as a proper correction at all.
Nobody could precisely predict the market, any type of market. But maybe we could learn from other more advanced or matured market. In America, it fell in 2008, and it took several years to rebound to its previous position. It's arguably not the same market and situation here, but when we are exposed long enough to the dynamics of equity and market as the whole, we surely know that it may... and will be repeated.
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