The Golden Visa program, officially launched by the government in July 2024, opens up new opportunities for foreign nationals (WNA) to invest in the property sector, especially the residential segment. This is according to property consultant Knight Frank Indonesia.
Knight Frank Indonesia’s senior research advisor, Syarifah Syaukat, at the Jakarta Property Highlight H1 2024 press conference in Jakarta, Thursday (29/8), said this policy would make it easier for foreign nationals to own property in Indonesia.
However, he said that property industry players are currently still waiting for more detailed implementation guidelines for the policy. ”However, we have observed several property projects that have started marketing residential units, especially apartments, to foreign nationals,” he explained.
Knight Frank Indonesia reports that the total supply of rental apartments currently stands at 9,857 units, with an occupancy rate of around 65%.
On an annual basis, the average rental price for serviced apartments has increased by 8%. At least 26% of apartment projects increased their rental prices at the beginning of this year. Knight Frank estimates that over the next four years, there will be 1,515 new rental apartment units entering the Jakarta market.
The rental apartment sector is showing a positive trend with an average increase in occupancy of 3.48% per year and a 3% increase in rental prices. In addition, the supply of rental apartments in Jakarta will increase by 428 units in the second half of 2024.
Golden Visa is an immigration product that allows foreign nationals to enter and reside in Indonesia for a period of 5 to 10 years. Golden Visa holders will enjoy various conveniences, such as faster immigration processes, free entry and exit, longer stays, the right to own assets, and a fast track to becoming citizens.
Golden Visa types include individual investors, corporate investors, former Indonesian citizens (WNI), descendants of former WNI, second homes, global talents, and world figures. (S-1)
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