In major change, Indonesia set to relax property rules for foreign buyers, says minister

The government's plan to loosen the property rules comes amid the coronavirus pandemic that has shrunk the economy and caused massive job losses. - AFP

JAKARTA (The Straits Times/ANN): Indonesia is set to relax property rules soon to make it easier for foreigners to own homes in the country, a Cabinet minister said on Thursday (July 23), in a major change that could spur the slumping economy.

Agrarian and Spatial Planning Minister Sofyan Djalil told property tycoons in a webinar that the new property rules set to be ratified into law by the end of next month (August), will allow foreigners to have the same rights as Indonesian property buyers.