Indonesia to relax rules for luxury apartment sales

Jakarta

INDONESIA will next week draft new rules that allow foreigners to own luxury apartments as the country seeks to bolster economic growth.

The government plans to set conditions, including size restrictions, on purchases of real estate by non-Indonesians with the new rules to be effective in two to three months, Sofyan Djalil, the coordinating minister for economic affairs, said in Jakarta on Thursday. Currently, foreigners aren't allowed to own property in Indonesia.