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The government of Indonesia announced a new regulation in May 2012 which allows foreigners to own property in Indonesia. However, ownership has been limited to condominiums only. According to the new regulation, foreigners must first apply for a Building Ownership Certificate (SKBG) and then they can own an apartment unit without the need to own land. The SKBG may be held for 60 years, with a provision to extend it for another 60 years. The move is expected to attract considerable foreign investment in the housing sector.