Indonesian property developers should build under right-to-use to attract foreign buyers: housing developers assoc head
JAKARTA – Developers of residential apartments in Indonesia should build under the right-to-use category instead of right-to-build to attract more foreign buyers, Eddy Hussy, chairman of housing developers association Real Estate Indonesia told Salaam Gateway.
Current government regulations allow foreigners to own landed property and apartments under the right-to-use category. However, Indonesian property developers in general do not build residential apartments under this category as it is not popular among locals, who consider it to be of lower value than the right-to-build and right-to-own categories.
“Latest regulations allow foreigners who have temporary stay licenses or visit visas to buy apartments under right-to-use for 80 years. The problem is, most apartments and high-rise developers still use the right-to-build category, which isn’t open to foreigners,” explained Hussy.
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