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Freehold ownership for foreigner

Freehold ownership for foreigner.

 

Recently an item has shown up regarding freehold ownership for foreigner. There are talks about allowing foreigners to buy a freehold property. If this happens, it will make it possible to buy and have  a property on your own name here in Indonesia.

 

“Agrarian and Spatial Planning Minister Sofyan Djalil told property tycoons in a webinar that the new property rules set to be ratified into law by the end of next month (August), will allow foreigners to have the same rights as Indonesian property buyers.”

 

"That is the commitment from Parliament and President Joko Widodo had requested for such a timeline to be the deadline."

 

The question will be if you will get a freehold ownership title or if this title will be changed into a hak pakai or hak guna bangunan title. 

 

Special attention should be paid to this line:

 

“But Mr Sofyan did not say if the expected amendment to the law would allow the non-Indonesians to also buy landed houses.”

 

So it is not clear yet if existing properties with a freehold ownership title are also possible to buy for foreigners.

 

Finally it is not clear why only 3 Jakarta based real estate tycoons were invited. Why not inviting some of the leading real estate agencies from Bali. Yes, Jakarta is having many expats. However, a large part of them are living in rented houses or in company villas. Here in Bali is a large demand to own your own property so it would have been logical to get some opinions from Balinese developers/real estate agencies.

 

Hopefully at the end of this month, or early September we know more.

 

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Comments: 1
  • #1

    Aernoud Florijn (Tuesday, 11 August 2020 01:51)

    That is good news! Thanks for keeping us updated. Curious what extra rules they will come up with. Fingers crossed. Will change a lot or the land for the better.