May 31, p. 1
At an international property industry gathering in Bali last week, Indonesia was presented as an emerging market with great potential and growing demand for development in the real, residential and commercial property sectors.
Indonesia is doing what it can to open its real estate market to foreign ownership, Vice President Boediono said to delegates from more than 60 countries at the opening of the 6th World Congress of the International Real Estate Federation (Fiabci). However, it will be an uphill battle, he added.
Your comments:
Well, I completely agree with this issue that foreigners can buy houses in Indonesia. However, they cannot buy the land of Indonesia.
Saut F Siagian
Medan
Allowing property right to foreigners is a modern business approach by governments. The majority of the properties in Dubai is owned by foreigners. The policy of Dubai attracts investment and is backed by good governance.
In fact, foreigners cannot take away the property once they have invested in a country. Indonesia has to undergo multiple reforms, which include good governance and economic reforms. It is a lovely nation with plenty of natural resources.
Hamza
Dubai
On the negative side, one would see an immediate increase in property prices and the average Indonesian would be unable to afford a house, as owners would be looking to sell to a rich bule.
Sheldon
Probolinggo, East Java
It is better to allow foreign ownership of apartments. Resale should not be permitted for one to five years and, thereafter, 10 percent appreciation should be paid to the government by way of fees/tax. This will create business opportunities as well as employment opportunity in Indonesia.
Vicky M
India
I think Indonesia should be cautious in opening up the real estate market to foreigners. It should be focused on commercial-scale developments only, with minimal residential investment allowed.
It should focus on investment that creates construction jobs and not just allow foreigners to capitalize on appreciating land values in a developing country. A less bureaucratic lease process for all types of real estate is a good idea though.
Tristan
Melbourne
Come on Indonesia, we can buy property in Singapore, Australia, Hong Kong and yet foreigners cannot buy in our country. This is 2010, let their money flow into our country so we all can enjoy it.
Budi Rahardjo
Jakarta
As usual, Indonesia lags behind because of bad administration and a lazy government, appalling management, a total lack of professionalism, complacent attitudes, and rampant corruption that makes us the joke of the world. Instead of talking all the time about what needs to be done, do it.
Didi Karjadi
London
Foreign investment in the property market seems all right. But this nation has a tendency to be overexploited economically. As an example, the multinational mining company in West Papua. If Indonesia allows her lands to owned by foreigners, then what will be left for her people?
Ria
Yogyakarta
Sorry man, you are only allowed to own leasehold property in Indonesia. Take it or leave it. According to the land law, only Indonesians can own land.
Teguh Utomo Atmoko
Depok
It’s funny because the same people that make these laws go and buy homes in Singapore, Hong Kong and London...What a double standard!
Rahadi Widodo
Jakarta
How much is enough? Why can’t tourists stop trying to steal land for “investment”? Bali is already overcrowded, overpriced and will never have the infrastructure be able to catch up with all the development.
If foreigners are given free reign to own land, places like Bali are doomed. Local people will be pushed to the undesirable parts of the island due to prices spiraling out of control a la Hawaii. It is nothing more than greed.
Sam
Denpasar
