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The price of luxury residential property in Jakarta is bucking regional trends, real-estate consulting firm Jones Lang LaSalle Indonesia said on Wednesday.

In the third quarter of the year, the firm said Jakarta was one of two cities that saw an increase in the price of its luxury residential property when prices were stable in Singapore, Bangkok and Kuala Lumpur and declined in Hong Kong, Beijing and Shanghai.

The only other city that saw an increase was Mumbai, India.

“Continued strong consumer demand and a buoyant resources sector is fueling continued growth in Indonesia. Values [of luxury residential property] are rising in spite of economic uncertainty elsewhere,” said Luke Rowe, head of residential project marketing at Jones Lang LaSalle Indonesia. “We predict a buoyant luxury residential market for the medium term.”

Luxury residential property markets include apartments, condominiums, detached and semi-detached housing located in prime areas.

Jakarta saw a 2 percent rise in the third quarter of 2011 from the second quarter in the price of its luxury residential property.

That compares to a 0.9 percent increase in Mumbai and flat changes in Malaysia’s capital Kuala Lumpur, Bangkok in Thailand and Singapore.

On the other hand, there was a 3.4 percent fall in Beijing, a 0.9 percent fall in Shanghai and a 0.6 percent fall in Hong Kong.

The firm said that luxury residential prices in Hong Kong edged down due to “tighter credit and weakening investor sentiment,” while Singapore is likely to have reached the peak of the current cycle.

The trend is reflected in the recent statements and moves of major real estate developers in Indonesia .

Trihatma Kusuma Haliman, president director of Agung Podomoro, said last week that demand for property development in big cities like Jakarta would continue to increase in the coming years.

Agung Podomoro, the developer of high-end property like The Pakubuwono Residences and Senayan City, is in the process of constructing the Kuningan City Superblock in Setiabudi, Kuningan, South Jakarta.

Analysts have said that as Southeast Asia’s largest economy is expected to see strong growth in the coming years, followed by a trend of rising middle income, demand for luxury residential property is expected to grow.

Indonesia is also seen as less vulnerable to the economic woes plaguing Europe and the United States. The number of high-net-worth individuals in Indonesia is also expected to triple to 100,000 in 2015, according to a CLSA and Julius Baer report released last month.