Jakarta. President Joko "Jokowi" Widodo on Wednesday called the new capital city Nusantara, which lies in the province of East Kalimantan, the world's largest project.

"We are brave to have opened up a new economic epicentrum, namely Nusantara. And the world’s largest project is in Indonesia's Nusantara capital city," Jokowi said when kicking off the Real Estate Indonesia (REI) forum in Jakarta.

According to Jokowi, Nusantara has 34,000 hectares of land available for purchase. He added: "Nothing is free [in Nusantara]. Go ask the city's authority body chief [Bambang Susantono] if you want to know the price. This is an opportunity."

The total cost to build Nusantara from scratch stands at Rp 466 trillion (around $31 billion), according to early government estimates.

Indonesia only plans to use the state budget to pay off 20 percent of the total costs, with the rest being funded by private investments. The government aims to celebrate its independence day in Nusantara in 2024.

Real Estate’s Economic Contribution
The property, real estate, and construction sectors remain resilient amidst a global economic slowdown, according to Jokowi. In 2018-2022, the real sector generates between Rp 2,300 trillion and Rp 2,800 trillion annually. This is equivalent to 16 percent of the gross domestic product (GDP).

"So about 13 million to 19 million people are involved in REI's economy. That is a huge number," Jokowi said.

Jokowi also told the forum that the property, real estate, and construction sectors also spurred multiplier effects for 185 sub-sectors, including furniture and services, among others.