In a bid to attract more foreign home buyers and investors, Indonesia will allow foreigners to own landed homes for up to 80 years, reported Reuters.
This comes after President Joko Widodo signed a government regulation in late 2015 giving foreigners the right to purchase a landed home for 30 years, which could be extended for another 50 years, said the Cabinet Secretariat.
It noted that foreigners should live, work or invest in Indonesia, as well as “provide benefit” to the country for them to become eligible.
Previously, foreigners were allowed to purchase homes for 25 years, with an extension of another 25 years.
As for apartments, Indonesia has allowed foreigners to acquire units worth more than 10 billion rupiah (S$1.03 million).
Image: Jakarta city centre. (Photo from Wikipedia)
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
