1. Introduction
After the global crisis in 2008, the Indonesian economy grew
higher with maintained stability. The development cannot be
separated from the two global trends that occurred in the last
few years that are the terms of and monetary stimulation
policy in developed countries after the global crisis. In the
end, it is encouraging domestic demand and rising asset
prices, including property [1].
Along with improving economic conditions in Indonesia,
Indonesian middle class grew to reach 150 million people
with an income of Rp 55 million to Rp 200 million per year.
The facts results in the increasing number of people who are
buying property as an alternative investment. In addition, the
current housing needs, per year in Indonesia, reached 800
thousand, but only 400 thousand that can be met [2].
The total demand for property which is higher than the
availability (supply) which can be met by the market, makes
property prices in Indonesia significantly increase. In
Southeast Asia, Indonesia is leading in the list of countries
with the highest residential property price throughout 20