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
Jln. By Pass Ida Bagus Mantra,
Jln. Pucuk 1 No. 70X
Denpasar, Bali
Indonesia

24h:
+62 (0)812 3819724
Tel:
+62 (0)361 464 032, +62 (0)361 471 0242

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
Sunset Swim Ends Tragically
Finnish Tourist Drowns Off Berawa Beach in Bali
(2/18/2018)
Making a Difference in the Lives of Bali Children
Australian Margaret Barry Honored with Order of Australian Medal for Her Work with Bali Children Foundation.
(2/18/2018)
Bale Banjar Culture Club: Balinese Music Demystified
Vaughn Hatch of Mekar Bhuana Speaks on Balinese Music at March 11, 2018, Bale Banjar Lecture Ė Ayoda Resort Bali
(2/18/2018)
350-kms by Hand Cycle Around Bali
Giro Hand Cycle Ride Around Bali April 28 Ė May 1, 2018
(2/18/2018)
Writing it Long, Writing it Clear
Protestors Bring 150-Meter-Long Banner to Governorís Office Rejecting Reclamation of Benoa Bay
(2/18/2018)
Canines Who Dine on What You Donít
Hotel in Ubud Recycles Leftover Food to Feed Hungry Bali Dogs
(2/18/2018)
Hate Two Pieces
Angry Citizens Demand Removal of Hotel Advertisement on Denpasar Ė Gilimanuk Highway.
(2/18/2018)
Itís All Happening at the Zoo!
Bali Zoo Booming Over Chinese New Year Period
(2/18/2018)
Banyuwangi as a New Gateway to Bali
Banyuwangi Ė the Quick Way to Access Baliís West and North, Now Poised to Become International Airport
(2/18/2018)
Fore Play in Nusa Dua
Free Golf Lessons on Wednesdays and Saturdays at Bali National Golf
(2/18/2018)
American Dies While Surfing
American Living in Bali Dies While Surfing off Sanur Beach
(2/18/2018)
A Nation of Islands; A Nation of Sails
Indonesian Traditional Pinisi Sailing Ships Named Icon of Cultural Heritage
(2/18/2018)
All [News]!