The Bank of Indonesia’s Residential Property Price Survey (SPHR) reported a 3.80% yoy decline in the primary residential property sales in the second quarter of 2025, following 0.73 yoy growth in the first quarter of 2025. A quarterly decline was also recorded at 16.72% for the residential property sales in the second quarter after recording at 33.92% qoq growth in the first quarter of 2025. Based on the survey, the decline was due to at least five reasons, including the increase of building material prices, a complexity of permits or bureaucracy, high interest rates and tax issues.