Foreigners May Own Property in Indonesia

One more good news on property investment for foreigners in Indonesia
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Source: Kompas.com 1 April 2010

Orang Asing Boleh Memiliki Property di Indonesia.

JAKARTA, KOMPAS.com - FOREIGNERS may be allowed to own apartments and even commercial property in Indonesia under a revised rule expected by the third quarter of this year, Indonesia's investment chief said yesterday.


The move is likely to draw investors into South-east Asia's biggest economy and increase the flow of foreign capital into the country.

'The government is committed to continuously review policies to make it easier to invest in Indonesia,' said Mr Gita Wirjawan, chairman of the National Investment Coordinating Board, at a forum in Singapore yesterday.

'I am optimistic that once we can be seen to be taking steps in the right direction, we'll be able to reach a 15 per cent increase in foreign investment over last year's US$14 billion (S$19.6 billion).'

His remarks were welcomed by property market watchers and expatriates in Jakarta. It was the clearest indication yet that the government was relaxing the rules on foreign ownership of property in the country, they said.

The move also comes at a time when improving fiscal stability could earn Indonesia an investment grade sovereign rating within a few years, according to Bloomberg News.