new regulations which allow foreigners to own properties in indonesia

It is probably the greatest news for the investment and Bali lovers in the recent years. As the economy and development grew in Indonesia and specifically Bali, foreigners were much more interested in owning properties however the rules and regulations didn't allow them to do much about it except for opting the leasehold option. However recently Jokowki's Administration announced through Agrarian Minister, Ferry Mursyidan Baldan that they are going to ease the ownership restriction in Indonesia which currently applies to the foreigners. His statement to be exact was " The regulation will include details on ownership periods, requirements, and rights and obligations of expatriates who will be granted the right to purchase and own property in Indonesia". This was said by the Minister after he revealed that the department is in the process of revamping and implementing the new regulation. The regulation is expected to be implemented by the end of the year 2015 or probably the first quarter of 2016, dates haven't been confirmed by the authorities yet. This new regulation allows the expats to own the property with "Hak Pakai" title. This is not be confused with Hak Milik or the freehold title but this is no doubt the second best option they can get. This titles allows the foreigners to own a luxury property with minimum IDR 5 Billion price (US$350,000 appx).Hak Pakai's best thing is that it is permanent, title holder can sell, trade and can even pass it on to the next of his kin. While some are skeptical about this change others seem very enthusiastic and positive as this is the second time Jokowi has put Indonesia's property in the limelight for the foreign investors. The minimum benchmark is may be high but it's a great start as if it is promoted and managed right, it can be the property boom Indonesia needs right now otherwise it could be that disaster which brings the titans down.