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Jakarta Post

Relaxing the foreign ownership policy

  • The Jakarta Post

  /   Sat, April 3 2010   /  10:24 am

Dream home: A motorcyclist rides by an exclusive gated community being built in the Senayan area, South Jakarta. Expatriates have long called for the government to follow the example set by neighboring countries and allow foreign ownership of property in Indonesia. JP/R. Bertho WedhatamaSome expatriates buy houses in Indonesia to spend their holidays there, while others purchase them for retirement and investment purposes. No matter what purpose is, with more than 80,000 expatriates living in Indonesia, it’s easy to see why the prospects for the property market look bright.
But how bright that prospect could be is still open to question, as developers feel government’s restrictions on foreign ownership has made Indonesia appear less attractive to expatriate buyers.“Expatriates are only allowed to hold a leasehold title for 25 years. Although they can renew the title for another ...