JAKARTA: Property sector needs reform to attract investments, says a minister.
Indonesia plans to issue an emergency law – known as a perppu – to break an impasse of more than a decade in efforts to streamline unfriendly laws as the country aims to allow foreigners to purchase apartments in Indonesia.
The government had in the past repeatedly tried to move forward and set regulations to allow foreigners to own apartments in South-East Asia’s biggest economy.
But they were never able to get these implemented because the basic stipulation under Indonesia’s 1960 Agrarian Law is that foreigners just cannot own homes in the country, Coordinating Minister for Political, Legal and Security Affairs Luhut Pandjaitan said.
“The era has changed now. The property sector needs a reform so we could attract foreign investment.” — Straits Times/Asian News Network
