Indonesia will make property law in line with neighboring states by allowing a foreigner own property in their countries.Editorial Manager Oxford Business Group (OBG), Josh Frankan in a press statement here on Tuesday, said the purchase of property by foreign citizens in Indonesia will open up opportunities for the rapid growth of this sector so as to produce a large income.
He added that the property business will run more conducive to suck up forecasted foreign funds amounting to 6 billion dollars per year.
"This encourages the property industry to grow better, if the government intends to open the door for foreign investors," he said.
Penananman Coordinating Board (BKPM) said Gita Wirjawan, a plan to end the ban property ownership by foreign entities in the country would loosen restrictions on foreign investment in some industries is considered as an effort to provide added value and pave the way for foreign ownership of property.
New rules open up opportunities for foreigners to buy property in land both residential and commercial water will come out around the end of the second quarter of 2010 or less over the month in June, he said.
Meanwhile, Managing Director of Paramount Serpong Tanto Kurniawan said the market would open up to strangers and this is a recovery period which would exceed the expectations of the stakeholders in the industry. "If this happens, the property prices in the country is relatively cheaper," he said.
Procon Indonesia president director, Lucy Rumantir said the government must take certain steps to protect consumers, if the government intends to open the door to foreign investors.
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