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Australians look to purchase o/s

By Staff Reporter
04 January 2010 | 1 minute read

Real estate agents who specialise in selling overseas property are starting to see the fruits of their labour.

According to John Garland of John Garland International, more Australians are currently looking to buy overseas in various holiday hotspots including Bali.

“The number of people, particularly West Australians, purchasing property or purchasing land to build overseas has increased by an enormous amount,'' Mr Garland said.

"People are seeing it as the alternative to having a property down south. Where traditionally they would have owned a property in Yallingup or Margaret River, they are looking to own a property in places like Bali, which can be staffed all-year-round at minimal cost, and the property is maintained.''

There are three options for foreign purchase in Indonesia, including leasehold for temporary ownership of land, freehold for ownership of land, requiring an Indonesian-based nominee, and corporate tenure through purchase by a foreign investment company incorporated in Indonesia.

The standard system for purchase is a 100-year rights of usage, with 25-year time periods that require renewal at each period.

Mr Garland said that over the past five years the Indonesian Government had been fine-tuning the ownership process.

"You've now got experiences where Perth solicitors have moved up there and they're operating consultancies, with Indonesian lawyers who aid in the transaction process,'' he said.

John Garland International is currently selling various properties in Nusa Lembongan, 30 minutes from Sanur.

The two remaining lots of 745sq m and 820sq m, are priced at $355,000 and $385,000 respectively.

Australians look to purchase o/s
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.