You can buy a flat at 5 billion or more

Fred Indonesia Expert

30549POSTS

10 years ago

http://www.thejakartapost.com/news/2015 … l#24433328

The government is close to finalizing a regulation that would allow foreigners to own apartments after President Joko “Jokowi” Widodo approved the proposal, top government officials have said.

The President has agreed in principle to the idea of allowing foreigners to own Indonesian residential assets to boost the attractiveness of the local property sector, Teten Masduki, a member of the President’s communications team, said in a recent statement.

Coordinating Economic Minister Sofyan Djalil confirmed on Wednesday that the new regulation would be issued after it had been finalized in the upcoming two or three Cabinet meetings.

Sofyan insisted that the regulation, which would allow foreigners to own a flat with a value of more than Rp 5 billion (US$375,000), would not trigger a price bubble in the property sector, as it was specifically targeted at, and limited to, the luxury-apartment market.

Handy for rich chaps.

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Ubudian Indonesia Expert

3214POSTS

10 years ago

It looks as though they are going to model this after Thailand. Owning a condominium unit is allowable, but land ownership still remains prohibited.

Fred Indonesia Expert

30549POSTS

10 years ago

http://thejakartaglobe.beritasatu.com/n … ster-says/

Seems the minimum price may be scrapped. This is very good news for expats.

happyhour ViP

1588POSTS

10 years ago

Perhaps the only good news for foreigners Fred.....

lukereg ViP

2114POSTS

10 years ago

I am sure there will still be hoops to jump through but it is a start and maybe will help expats remain in country.

Fred Indonesia Expert

30549POSTS

10 years ago

happyhour wrote:
Perhaps the only good news for foreigners Fred.....

I suppose that depends on your outlook, and your status here.
I'm in a rather happy position, and this might well be of use in the short to medium term.

saintjean Guest

0POSTS

10 years ago

Fred wrote:
http://thejakartaglobe.beritasatu.com/news/no-price-limits-property-ownership-foreigners-minister-says/

Seems the minimum price may be scrapped. This is very good news for expats.

Scrapped is great, or else greatly reduced. Rp 5 billion was always too high. It will be interesting to know what conditions or advantages will be attached to foreigners buying an apartment here.