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Real Estate News Releases
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(EstateNewsWire.com, November 18, 2012 ) Jakarta, Indonesia -- Rental rates for luxury apartments in Jakarta’s business district has risen 14% over last year, driven by demand from expatriate workers.
About 45,000 foreigners live in upscale apartments in Jakarta, according to ChannelNewsAsia.com, which reported the rental data findings of an Indonesian central bank survey.
A fast-growing economy has produced jobs that are drawing foreign workers to Indonesia.
The capital’s business district is a popular choice for foreigners to live in because they get a shorter commute to work and spend less time in traffic.
One Jakarta resident, Anthony Macri, said he likes the city’s shopping and cultural amenities. Macri also is close to his job.
Although the business district has plenty of high-rise apartments, not all are for rent. Some units are bought for investment or serve as status symbols, a property analyst said.
“We’ve observed that many Indonesians buy apartments for the prestige,” Ali Tranghana told Channel News Asia. “If they want to sell it, they will, but if they don’t, they will keep the property as an asset.”
In Indonesia, renters often are asked to pay large amounts of money up front to occupy an apartment, a housing expert said.
“Apartment owners who offer a 12-month lease will ask tenants to pay a year in advance, unlike other countries where they can pay monthly, or even weekly, such as Australia,” Aleviary Akbar told Channel News Asia. Akbar is a residential sales and leasing associate director for Colliers International.
A proposed law would allow foreigners to buy property in Indonesia with conditions. Foreigners would be able to get an ownership certificate for up to 60 years for apartments in three cities: Bali, Batam and Jakarta.
Investing in property in Indonesia might be attractive to foreigners.
“Ever since I’ve been here, prices have gone up,” said Andrew Trigg, a Jakarta resident for 22 years. He noted that property values have risen despite political turmoil. “So there is something quite remarkable about property prices in Indonesia, the way they keep going up.”
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Source: EmailWire.Com 
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