JAKARTA (Yosefardi) – Property developer PT Ciputra Development Tbk (CTRA) welcomes the revision on foreign ownership regulation in property, which could attract foreign interest to buy high rate houses in central business district (CBD).

Indonesia’s Cabinet Secretary announced on Tuesday last week (Jan. 12) that Indonesian President Joko Widodo signed a government regulation on 22 December 2015 (Government Regulation No. 103/2015 on House Ownership of Foreigners Residing in Indonesia) that allows foreigners to own landed houses in Indonesia for a period up to 80 years.

After this new regulation it means that expats can now buy either a landed house or an apartment in Indonesia.

The association of real-estate business Real Estate Indonesia (REI) earlier revealed that opening Indonesian property market to foreigners has the potential for boosting revenues from taxes.

REI believes that now is the right time to open up given the growing popularity of Indonesia as a destination country for forign citizens to travel to, and to live in.

Jakarta, Batam, and Bali will benefit more from improved legal ownership in property by foreigners as so far these cities are more open over foreign investment.

Jakarta as center of business and central government, also the capital city of Indonesia, is target of many expats and multinational companies to set up their offices. Batam becomes target of business expansion by investors from Singapore and Malaysia.

Bali is the main destination for international tourists and many foreign investors are keen to invest in property in Dewata island. For long, foreign investors make a deal in sectret when investing in Bali.