Request for Property in North Sumatra Still Lethargic

By : Ahmad Fadli And Aldi Firhand. A | Wednesday, May 16 2018 - 22:06 IWST

Residence Illustration
Residence Illustration

INDUSTRY.co.id - Jakarta - The development of property in North Sumatra (North Sumatra) is still slowing for middle to upper segmentation. This is the impact of the economic downturn that has not recovered to this day.

"The demand for property is still weak so business in that sector is still sluggish," said Tomi Wistan, one of the North Sumatra Chamber of Commerce and Industry (KADIN) in Medan. According to him, the decline in property business has entered the fifth year.

By 2017, entrepreneurs have predicted that property business will improve due to government policy in tax amnesty. But in fact, in 2017 the property business has not improved until last until 2018.

"The slowdown in the property sector is one of the contributors to the economic slowdown in Indonesia," he explains.

That, said Tomi, occurred due to the many relevant industry sectors that compete in the property sector.

This slowdown in demand, ultimately leads to a deficit in the number of unmet occupancy needs (backlog) is on the rise.

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