You can buy a flat at 5 billion or more

Fred Indonesia Expert

Member since 02 August 2009

A smile is the universal welcome.
Max Eastman

FredIndonesia Expert25 June 2015 03:36:32

30172

The government is close to finalizing a regulation that would allow foreigners to own apartments after President Joko 鈥淛okowi鈥� 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鈥檚 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

Member since 28 January 2013

UbudianIndonesia Expert25 June 2015 10:18:45

3214

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

Fred Indonesia Expert

Member since 02 August 2009

A smile is the universal welcome.
Max Eastman

FredIndonesia Expert23 July 2015 04:46:42

30172

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

happyhour ViP

Member since 07 May 2014

happyhourViP23 July 2015 05:00:56

1588

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

lukereg ViP

Member since 24 November 2009

lukeregViP23 July 2015 05:11:01

2114

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

Member since 02 August 2009

A smile is the universal welcome.
Max Eastman

FredIndonesia Expert23 July 2015 09:29:54

30172

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

saintjeanGuest23 July 2015 10:42:08

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.