Apartments for rent began to develop in the early 1980s. At that time economic conditions quite well and the high number of expatriates in Indonesia to be widespread support for rental apartments. In terms of location, rent apartments began to develop in the CBD area with the concept of a single building.
In 1985, the government issued Law No. 16 of 1985 which regulates the construction procedures, ownership and management of residential flats, in this case for the concept of strata-title. Clear rules are expected to encourage the development of flats or in this case the strata-title condominiums quickly to meet the needs of the community will be residential, especially in urban areas.
In the year 1990-2000, the sector shows rental apartment supply and demand levels higher and higher. In this period also, strata-title condominiums began to grow, but the preference of people to live in residential high-rise is relatively not so large that the demand for condominium units is relatively low.
In mid-1990, a condo with a large number of units began to develop, like condo Taman Rasuna and Orchid Park. The supply of new condominiums higher and the demand for apartment units also began to increase. Location preference is still dominated by the CBD area, followed by West Jakarta and Central Jakarta. Rental apartments in the sector, the higher demand from the dominance of expatriates from Asian countries like Korea, Japan, and Taiwan.
In 1998 monetary crisis impact big enough to rent the apartment sector and condominiums. The demand for rental apartment units and condominiums dropped dramatically. Many development projects are stopped due to investment tersendatnya.
This condition continued until early 2000, in which the developer was careful to re-develop the project rental apartments and condos. At that time only a few developers with strong financial dared to do development.
Sector rental apartments and condominiums began to rise again in mid-2000. The high rate of population growth, contribute to the development of condominiums in Jakarta. On the other hand, demands the need for quality housing is also higher. To bridge the large gap between the supply and demand for these homes, began in a fairly aggressive development for high-rise housing.
Starting mid-2000, began developing trends lifestyle living in high-rise residential and demands of people came to live in a more efficient environment. Emerged the concept of mixed-use residential development where integrated in a common area with office buildings and shopping centers, as seen on Central Park project, St. Moritz, Rasuna Epicentrum, and Kemang Village. Destination purchase a condominium unit is also no longer just for shelter, but also as an investment instrument.
Condominium developments in this period was dominated by the middle segment, particularly in the CBD area, followed by the area of North Jakarta and South Jakarta. In the sector of rental apartments, expatriates who inhabit rental apartment units more diverse, coming from China, America, Middle East, Europe and others.
In the future, the sector rental apartments and condominiums are expected to continue to grow in line with national economic conditions and improved global. Government's efforts to keep the rupiah continued to increase and interest on the bank's low level of purchasing power diharapkanmeningkatkan.
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