Jokowi to Ease Foreign-Ownership Ban on Indonesia Apartments
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Indonesian presidential hopeful Joko Widodo plans to allow foreign investment in apartments to boost tax revenue, a move that could spur demand for property in the country’s luxury market.
Foreign investors would be able to purchase apartments worth at least 2.5 billion rupiah ($210,000) in the capital, other main cities and Bali island, Setyo Maharso, a member of his campaign team, said in an interview yesterday. Foreigners are barred from directly buying Indonesian property, leading to illegal transactions via proxies, so allowing them will enable a luxury tax to be imposed on sales, he said in Jakarta.