{"id":3397,"date":"2019-06-20T10:00:31","date_gmt":"2019-06-20T10:00:31","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3397"},"modified":"2021-06-04T14:29:37","modified_gmt":"2021-06-04T07:29:37","slug":"indonesia-relaxes-levies-on-luxury-home-sales","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/indonesia-relaxes-levies-on-luxury-home-sales\/","title":{"rendered":"Indonesia relaxes levies on luxury home sales"},"content":{"rendered":"

Threshold for tax on upscale homes raised in efforts to stimulate property sector<\/p>\n

\"\"
A residential district in the heart of Jakarta. AsiaTravel\/Shutterstock<\/figcaption><\/figure>\n

Indonesia is raising the price threshold of its luxury sales tax on residential property to give a lift to the real estate industry, the local finance ministry announced Wednesday.<\/p>\n

The luxury levy of 20 percent will apply to buyers of residential units worth IDR30 billion (USD2.1 million) in a departure from housing policies instituted a few years ago.<\/p>\n

Under President Joko Widodo, the levy had been imposed on landed homes worth IDR20 billion and apartments priced at IDR10 billion, noted Reuters.<\/p>\n

More: Maritime highways to blaze new trail for Indonesia\u2019s neglected property markets<\/strong><\/a><\/p>\n

The raising of the luxury tax threshold is part of a wider campaign by the Indonesian government to defibrillate the local property sector.<\/p>\n

Toward the end of last year, Bank Indonesia relaxed the housing loan-to-value ratio, lowering the minimum mortgage downpayments for first-home buyers from 20 percent to 15 percent for units bigger than 70 square meters. Those seeking second homes can put down a minimum downpayment of 20 percent, down from 30 percent previously, while third-home seekers can take advantage of a minimum downpayment of 25 percent, down from 40 percent.<\/p>\n

The annual increase in residential property prices have decelerated since the first quarter of 2018, according to a Bank Indonesia survey.<\/p>\n

However, the central bank also unleashed 175 basis points of interest rate increases over the last year in a bid to curb foreign capital outflows.<\/p>\n","protected":false},"excerpt":{"rendered":"

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