Good news from The Island of the Gods: there might be a new freehold title on the way for foreigners looking to invest in Bali Property. Bali is one of the most popular tourist destinations in all of Asia but Indonesia has never been the easiest when it comes down to foreign ownership of land and properties. In fact, up until this day, foreigners cannot legally own anything in Bali and the rest of Indonesia but the tables might be turning. This is amazing news for foreigners wishing to own their own slice of Bali land. No more leasehold!! You might be allowed to actually own you’re own land and build a villa which you will own forever. This is sensational news and if it actually occurs will mean that that piece of land is yours to own.
It’s been a topic of discussion for many years: foreign ownership of land and properties. Usually, around the election time in Indonesia, there is talk of loosening up the property rules for foreign investors but up until now, it never happened. The government has come up with several ways for foreigners to acquire properties in their name but the freehold title (Hak Milik – the right to own) is something only Indonesian citizens can attain so far.
New property rules in the making right now
One month ago, however, July 23, 2020, to be precise, Sofyan Djalil, the Agrarian and Spatial Planning Mister of Indonesia announced in the Strait Times, there are new property rules in the making that will allow foreigners to own properties with all the same rights as Indonesian property buyers. The big question is, is it really true this time? Well, we won’t have to wait long to find out as the new property rules should be ratified into law any day now by the end of August 2020.
Will Indonesia come up with a new title for foreign property buyers or will they be granted the highest title of the all: Hak Milik (the right to own)?
We will find out soon enough!
One thing is for sure, things are changing and it seems to be favourable for foreign investors wanting to make Bali their second home. Finally something new and exciting in this strange pandemic time! Loosening up the property rules for foreigners can also boost the real estate industry, helping Indonesia recover from the economic effects of Covid-19.
Let’s wait and see. We’ll keep you updated!
If you are keen to know more contact us at Bali Realty anytime.
This article was posted by Nathan Ryan who is one of the sales team at Bali Realty. If you have been dreaming about owning a Bali Villa or are thinking about investing in Bali Real Estate, Nathan is you’re ‘go-to’ person for all the best advice on where to buy and what will bring in the best returns. As a veteran with decades experience in Bali & Indonesian Real Estate he is trusted, reliable and is happy to help you find the villa of your dreams.