Letters: Foreign ownership of apartments

For decades, Singapore has allowed foreigners to own apartments, while in Malaysia and Australia foreigners can own apartments as well as residential houses.

These countries fully understand the beneficial economic multiplier effect of activity in the property sector because building apartments and houses demands the involvement of a wide range of human resources, as well as the supply of many products, materials and other services.

The property sector is universally recognized as a tremendous generator of jobs and, with the onset of regional free trade agreements, Indonesia will need to cushion the rise in unemployment that is anticipated from the effects of such agreements.

Creating activity in the property sector is a viable solution for job creation.

Why has it taken Indonesia so long to appreciate this universal fact?

Unfortunately, like most government decisions, allowing foreigners to own apartments will proceed at a snail's pace through a labyrinth packed full of sedentary bureaucrats and a political bear pit dominated by infantile egos.

And, if and when a decision finally sees the light of day, it will be attached to cumbersome processes and procedures that will render its benefit in creating employment to be too little, too late.

Peter
Jakarta