The Minister of Finance has signed the Regulation No. 138/2020 on procedures for the National Economic Recovery program, providing a subsidy ranging from 3% to 25% during the first three months. However, given the increase in unemployment rates and decreasing purchasing power, it has affected the housing market, declining by 25.6% (yoy) according to the Central Bank of Indonesia’s quarterly Residential Property Prices Index (IHPR) survey. The Indonesian Real Estate Association (REI) urges the government to provide additional stimulus packages, including a mortgage payment deferral for developers and home-buyers.