Update on foreign ownership of apartments in Indonesia

sakumabali

the market will rule - like a real one : sb selling eggs "eggs - delicious eggs" and everybody "nah keep'em I buy your neighbor's coz they are cheaper and better" What the info government try to achieve? Attracting high rolling investors buying apartments in Jakarta? Hah

Markit

Agreed Suk. This seems to be a whole lot of blind action-ism for the sake of looking like they are doing something. But in actuality not much will change. If these clowns think there's masses of expats just gagging to buy their stupid apartments then they should wake the feck up and smell the flowers. Anyone that is in the 10juta range that they are talking about will have cepat, cepat already got one out of expectation they will rise when legal or they will have been bought long ago by the firms and given to the employees that rate that price. In any foreseeable case that segment of the property market here in Indo is tiny. Lots of noise about sweet FA. IMnotsoHO

balinews

Foreigners living in Indonesia will be able to secure the “Right to Use” property in the country for as long as they live under a newly planned state policy, according to a government official. Minister for Agrarian Affairs and Spatial Planning Ferry Mursyidan Baldan revealed that his office had been tasked with drafting a new regulation on the matter. “The regulation will include details on ownership periods, requirements, and rights and obligations of expatriates who will be granted the right to purchase and own property in Indonesia,” Ferry said in Jakarta last week. He added, however, that foreigners would only be allowed to own luxury apartments; they are still prohibited from purchasing landed property or low-cost apartment units. Foreigners also will be only entitled to “hak pakai," or the Right of Use; not “hak milik," the highest form of ownership in Indonesia, or Freehold. The Right of Use is permanent and will not have to renewed every 25 years as specified in the current regulations. “The state allows foreigners to own living spaces in Indonesia for as long as they live, and they’ll be able to trade the properties or pass them down to their children. [Ownership] is classified as Right of Use, though. It will not be Freehold,” Ferry said. Freeholds are permitted for foreign embassies operating in the country, he added The minister further said he disagreed with the proposal of a “zoning” regulation in the planned policy, which would allow foreign nationals to own property in certain areas of the country. He pointed to the capital, saying foreigners would only be interesting in purchasing apartments in Kemang or the Central Business District areas of South Jakarta. “Foreigners wouldn’t want to buy apartments in, say, Kebon Jeruk [West Jakarta] and other areas. It’s useless to limit the areas where they can purchase [a piece of property].” Foreigners Will Have the Lifelong 'Right to Use' Property, Says Agrarian Minister | Jakarta Globe

odez999

You will actually get "right to use" something you pay for ! Brilliant ! No need for renewal after quoter of century ! thank you thank you all might gov ... This is SEA ... all can be revoked even next year... when rupiah hits all time low . .riots occur . .and junta take over !like many many times before !

SHoggard

F He added, however, that foreigners would only be allowed to own luxury apartments; they are still prohibited from purchasing landed property or low-cost apartment units. F Foreigners Will Have the Lifelong 'Right to Use' Property, Says Agrarian Minister | Jakarta Globe

A lot like SIngapore

davita

SHoggard wroteA lot like SIngapore

I've read all I can find on foreign property ownership in Singapore and cannot find any correlation to foreign ownership in Indonesia. No doubt Singapore is restrictive but, imo, fairly reasonable. Indonesia doesn't come close....even if the above amendment is approved.

SHoggard

Please see the section quoted: In Singapore foreigners are: 1. Not permitted to buy landed property 2. Not permitted to buy low cost housing 3. Property ownership goes not give the right of abode

SHoggard

Sigh.... that's the problem with the internet 'barrack-room lawyers' Google stuff then copy-paste with absolutely no knowledge or experience whereof they speak. Regardless of what's been quoted - Permanent Residents are NOT permitted to buy landed property... or low-cost housing (ie: HDB flats).... specific restrictions also apply in certain other types of apartment blocks (eg: can't buy ground-floor apartments). Otherwise why would property developers make a big feature in their ads "Foreigners Eligible" (note: not foreigners welcome)

SHoggard

Practical experience, mate - I live there and over the past 25 years have bought 4 apartments and old 3 of them

davita

SHoggard wrotePractical experience, mate - I live there and over the past 25 years have bought 4 apartments and old 3 of them

So what...I've bought and sold many properties around the world. We are talking about the difference between restrictions foreigners face buying properties between Singapore and Indonesia. You said indonesia was like Singapore and I said, and proved with evidence, it was more restrictive in Indonesia. You also say that foreigners CANNOT buy landed property in Singapore and then proced to tell us you have bought 4 apartments and sold 3...what is the connection?

SHoggard

Oh, get a life! If you read my post properly you would have seen my comment refers, and is restricted, to the following: "[I]He added, however, that foreigners would only be allowed to own luxury apartments; they are still prohibited from purchasing landed property or low-cost apartment units[/I]." The connection between my two posts, is that - unlike you - I have been through the Singapore property purchase process 4 times and had I been permitted to buy landed property I'd have done so in 1988 when it was cheap as chips.

davita

SHoggard wroteOh, get a life! If you read my post properly you would have seen my comment refers, and is restricted, to the following: "[I]He added, however, that foreigners would only be allowed to own luxury apartments; they are still prohibited from purchasing landed property or low-cost apartment units[/I]." The connection between my two posts, is that - unlike you - I have been through the Singapore property purchase process 4 times and had I been permitted to buy landed property I'd have done so in [COLOR="#FF0000"]1988[/COLOR] when it was cheap as chips.

The Residential Property Act that I refer to contend that foreigners ARE permitted to buy landed property in Singapore, with some restrictions, was amended 31 July 2009.

SHoggard

As previously suggested... Get a life & stop arguing about things you know absolutely f*all about

davita

SHoggard wrotePlease see the section quoted: In Singapore foreigners are: 1. Not permitted to buy landed property 2. Not permitted to buy low cost housing 3. Property ownership goes not give the right of abode

1. According to Residential Property Act sect 25, foreigners [COLOR="#FF0000"]are[/COLOR] permitted to buy landed property under certain restrictions.... '[I]A “foreign person” is defined as any person who is [COLOR="#FF0000"]not[/COLOR] a Singapore citizen or [COLOR="#FF0000"]permanent resident[/COLOR] and any foreign company or converted foreign company. Individuals or entities that fall into this category (foreign person) are restricted from purchasing any landed residential properties [COLOR="#FF0000"]unless[/COLOR] approval is granted from the Controller of Residential Property. This restriction also extends to ownership by gift, inheritance, succession or bequest. The foreign beneficiary will be legally bound to sell the inheritance to a Singapore citizen within a stipulated period of [COLOR="#FF0000"]ten years[/COLOR] from the death of the previous owner if [COLOR="#FF0000"]approval for ownership[/COLOR] from the government is [COLOR="#FF0000"]not[/COLOR] granted. To be eligible to apply for ownership of a landed property in Singapore, there are certain criteria to be fulfilled: Applicant is a permanent resident of Singapore. A foreigner who contributes to the economic benefit of Singapore. A foreigner who possesses qualifications, skills or experience that provides value or benefit to the economy of Singapore. If the foreigner fulfils [COLOR="#FF0000"]any[/COLOR] of the above stated criteria he may be granted approval for ownership of a landed property for residential use.[/I]' None of the above is available in Indonesia and there is no intent to change that. 2. A very good restriction, imo, to protect Singaporians from speculators....also NOT available in Indonesia 3. Also NOT available in Indonesia.....but irrelevant to the thread.

davita

Sigh.... that's the problem with the internet 'barrack-room lawyers' Google stuff then copy-paste with absolutely no knowledge or experience whereof they speak. Regardless of what's been quoted - Permanent Residents are NOT permitted to buy landed property... or low-cost housing (ie: HDB flats).... specific restrictions also apply in certain other types of apartment blocks (eg: can't buy ground-floor apartments). Otherwise why would property developers make a big feature in their ads "Foreigners Eligible" (note: not foreigners welcome)

To support my contention that Singapore's foreign property purchase rules are no-where near as restrictive as Indonesia I simply searched the Singapore Govt website where it states what I wrote...check sect 2-1-d and sect 25. Singapore Statutes Online - 274 - Residential Property Act If you have some evidence of your point please quote or link then we will all be wiser. btw...No-one said that foreigners can buy HDB property. They are subsidized and, imo correctly, belong to Singaporeans.

davita

As previously suggested... Get a life & stop arguing about things you know absolutely f*all about

hahaha...talking about getting a life I would be rushing down to Sentosa and buying one of those luxurious homes that cannot sell.... Lights off on Singapore's billionaire row as luxury house prices plunge | Reuters btw Foreigners CAN buy Sentosa properties without gov't authority...but I guess you knew that as you've lived there for a long time.

SHoggard

..... anyone else lost interest in davita's display of knowledge & experience? ... I know I have Indicate by your silence here

davita

Since I haven't lived in Singapore since I left in the mid 1960's I never said I have 'knowledge or experience' in Singapore's foreign property ownership. However, I know a foreigner who owns a landed house on Sentosa, which rang a bell.... so I searched. That's when I saw the Singapore Government Residential Property Law where it clearly does state, under certain conditions, foreigners CAN own landed property in Singapore. You continue to deny this so you have an argument with the Singapore Gov't...not me....and therefore no need to start a personal attack or attempt to get others to side with you using a childish poll. It's a bit like asking someone "when did you stop beating your wife"....ridiculous.

SHoggard

Your nose is so far up you arse you really shouldn't open your mouth

Jo.Silversmith

it's a lot of money to be made if the regulations allow it