Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Government Moves to Clean Up Real Estate Sector
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Government Moves to Clean Up Real Estate Sector

Foreign Real Estate Agents Barred from Directly Operating in Indonesia. Local Agents to be Better Regulated.


Bali News:
Click Image to Enlarge

(12/26/2008)

Bisnis Indonesia recently carried an article indicating that the government is preparing to intervene in the country's property industry following the issuance of new regulations forbidding foreign companies from operating in real estate sector.

Prior to the appearance of one of the first professional real estate brokers, such as Procon Indah in the 1980s, property transactions took place directly between buyer and seller or via informal middle men. The nation's fast expanding property sector brought with it a call for greater professionalism in the finalization of property transactions which, in turn, precipitated the appearance of a multitude of property agents over the past two decades.

The fast expansion in property transactions has witnessed a growing role for foreign companies in the real estate sector. Initially acting only as consultants and managers for new developments, foreign property consultants gradually morphed yheir roles to include lucrative marketing and brokerage activities.

The Chairman of the Indonesian Association of Real Estate Brokers (AREBI), Tirta Setiawan, described this historical progression: "This condition has prompted complaints from long-established local brokers. Many foreign agents have freely come on the scene. First they acted as consultants, but in the end they became agents as well." Tirta said that a lack of control characterizes the Indonesian real estate industry, where companies, both local and foreign, freely form and dissolve brokerships at will.

Acknowledging this situation, the government plans to bring order to the entire real estate sector via a new regulation signed by the Minister of Trade, Mari Elka Pangestu, on August 21, 2008. That regulation forbids foreign real estate brokers from operating in Indonesia except in association with a local company under a franchise agreement. Those regulations also aim to survey and bring some order to the many local brokers now in operation within the first year of the regulation's introduction.

During this same year, property brokers in Indonesia are given a one year grace period to follow the new operating regulations and fulfill all operating license requirements or face the prospect of being closed by the government.


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.

       

 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Kiwi’s Keen on Bali
Air New Zealand Looking to More than Double Passenger Capacity Between Auckland and Bali in 2018
(7/23/2017)
Silhouettes that Break Cold Sweats
Bali Police Install Replica Police Cars on Road Sides to Reduce Traffic Violations
(7/23/2017)
An Unexplained Death
New Zealander Dies After a Night of Drinking at an East Bali Hotel
(7/23/2017)
The Belgium Who Fell From Above
Belgium Tourist Commits Suicide By Jumping from Villa North of Ubud
(7/23/2017)
No Shortage of Oranges
Bali’s Kintamani Orange Prices Drop to Record Lows
(7/23/2017)
Purposely Vague Recollections
Man Beaten By Transvestites and Left Naked in a Bali Field Released from Hospital
(7/23/2017)
Now Infamously Famous
Actor Jeremy Thomas to Have His Day in Court on Charges of Embezzlement and Fraud in Ubud Property Case
(7/23/2017)
A Young Life Gone Up in Smoke
Italian Facing a Dozen Years in Jail for Three Joints of 'Ajapa-japa'
(7/23/2017)
Pursuing Princesses
Princess Cruise Lines Lists Improvements Needed to Attract More Cruise Ship Visits to Indonesia
(7/23/2017)
Tropical Cancer Care
Bali Developing Cancer Treatment Center at Mangusada General Hospital
(7/23/2017)
Arshole Incarceration
Madurese Laborer Get 12-years for Smuggling Methamphetamines Concealed in his Anus
(7/23/2017)
Faulty Towers
Bali-based Resistance to “Bali-Crossing” High Voltage Line Grows
(7/23/2017)
All [News]!