{"id":22588,"date":"2016-08-11T11:44:18","date_gmt":"2016-08-11T04:44:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-are-expats-still-not-buying-indonesian-property\/"},"modified":"2016-08-11T13:01:54","modified_gmt":"2016-08-11T06:01:54","slug":"why-are-expats-still-not-buying-indonesian-property","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-are-expats-still-not-buying-indonesian-property\/","title":{"rendered":"Why are expats still not buying Indonesian property?"},"content":{"rendered":"


\nFew takers for Indonesian real estate despite loosened regulations on foreign ownership
\nThe Jakarta skyline. Image credit: Muhammad Rasyid Prabowo
\nThe Indonesian government\u2019s intense courting of foreign property buyers seems relatively fruitless.
\nDespite President Joko Widodo\u2019s announcement last year that Indonesia would allow expatriates to buy a landed house or apartment on a right-to-use basis, an expanded form of leasehold that lasts at least 30 years, \u201cthere are yet to surface reports of expats buying Indonesian property,\u201d according to Indonesia-Investments.
\nIn response, Widodo\u2019s recently appointed trade minister Enggartiasto Lukita proposed that the titling of all apartment high-rises as right-of-use or \u201chak pakai\u201d be mandatory. This way, local institutions, loathe to admit property with a right-of-use title as collateral, can improve mortgage access to expats.
\nMore: Why Indonesia\u2019s millennials are demanding more from real estate
\nForeigners are currently eligible for property only above a certain price range \u2014 to be paid in 100 percent cash. In Jakarta, properties for expats are set at a minimum price of IDR10 billion (USD763,000) for houses and IDR5 billion (USD381,000) for apartments.
\nIn Bali, where the threshold starts at IDR 3 billion (USD229,000) and IDR 2 billion (USD153,000) for houses and apartments, respectively, some foreign business owners have capitalised on a reported exemption from the restriction on freehold.
\nRead next: How has Singapore\u2019s real estate market changed in 51 years?
\n
\nSource : property-report.com
\nRead more…Why are expats still not buying Indonesian property?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Few takers for Indonesian real estate despite loosened regulations on foreign ownership The Jakarta skyline....<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-22588","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5Sk","jetpack-related-posts":[{"id":2060,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indonesian-property-sales-in-2016-seen-to-accelerate-by-up-to-12\/","url_meta":{"origin":22588,"position":0},"title":"Indonesian property sales in 2016 seen to accelerate by up to 12%","date":"January 20, 2016","format":false,"excerpt":"\r Projections are up by 10-12 percent Indonesia\u2019s improving economic growth, infrastructure upgrades and the implementation of new government policies will be boon to the country\u2019s real estate sector, according to property industry group Realestate Indonesia, Reuters reports. 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