Australian led property boom in Bali

[spicyayam]

There seems to be quite a few errors in this article in the Australian, or perhaps they know something we don't? Also, I don't think it is a good idea to get quotes from real estate agents about the property market.

"AN Australian-led housing boom is tipped for Bali because of Indonesian plans to allow foreigners to own property for the first time from June. "

The current ban on foreigners owning or renting property in Indonesia can be circumvented by using a local to buy or lease on the foreigner's behalf.

I believe foreigners have always had the ability to rent or lease property?

Foreign buyers can also own a property by setting up a foreign direct investment company, but according to Denpasar LJ Hooker owner Suryawan the freehold title reverted to leasehold after 25 years, an unattractive option for Australians.

"Australians just want to step off a plane and buy," Suryawan said. "It's very sad that economic growth has been held back by our laws."

Suryawan said three-bedroom villas, typically 300sq m in size, could be bought for about $US400,000.