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llowing foreign direct purchases in the property market has been a common practice for quite a while in many countries.

However, some still require foreign-ownership permits to be granted by the government, particularly for the purchase of landed dwellings, or any pre-owned properties. In countries such as Germany, Canada, the US, France and the UK, no permits, not even resident visas, are required for a foreigner to buy real estate.

Generally speaking, there are no restrictions to own either a leasehold or freehold title. Anyone planning to buy one certainly will not encounter any hurdles, thanks to all of the legal aspects underlying the course, which are neatly regulated.

Indonesia has been lingering with pros and cons to pass the regulations of strata-title ownership by foreigners in the apartment and condominium sector.

But this has not deterred the likes of many foreigners or expats to own one. Either they were buying under local resident nominees or on their own behalf with a 20-year hak sewa (leasehold) extendable twice for 20 years each time.

There have been growing concerns recently regarding rumors the authorities are to confiscate properties with any legal disputes on ownership by foreigners, particularly in Bali and Lombok.

Definitely, these government regulations and red tape tend to dictate purchasing trends. In a country where domestic demand for affordable low-cost housing has not yet been met, it is considerably short from time to time. Therefore, it is plausible to deliberately examine the issue across the board, such as to assure land availability, or to control land prices for public housing.

Indeed, all these measurements had once been rolled out to either state-run or private housing developers, renowned as 1:3:6, for one up-market house they are bound to build three medium and six low-cost houses, so much so that had all been implemented accordingly then our real estate would surely be poised for the forays of international buyers.

It is believed that property can provide an economic boost for the country as the mining boom ebbs.

Amid the tough global competition, once again, we are obliged to show the world that Indonesia is open for business.

On the first-ever state visit to China recently, President Joko '€œJokowi'€ Widodo was astounded by a saying that the building of a bridge is not meant to be transported out of the country '€” for it is not going anywhere '€” which is true for significance'€™s sake.

Then, we may rule that everyone who ceases residence is liable to sell their property on the local market.

Danny Tanoto
Jakarta