Expats will soon win the right to own homes in Indonesia as the government readies a draft bill.
The government wants to let expats own buildings but not land.
The new rules are likely to come with several conditions, says the government.
Options under consideration include only allowing expat business owners the right to buy a home or limiting the market to highly-skilled and wealthy entrepreneurs and their families.
Another possibility is that any house for sale would have to be offered to the government.
Homes would only be for sale in certain areas – like the capital Jakarta, Bali and Batam.
Indonesia has similar housing laws to Thailand, where expats can only own homes bought in the name of a national who is a spouse or close friend.
US rents up
Rents are taking up almost half of monthly incomes in large US cities like New York, Los Angeles and San Francisco, reports web portal Trulia.
The reason is suspected to be profiteering from landlords due to falling house prices and foreclosures over recent years that have forced former homeowners into renting.
Canada house sales struggle
Home sales are improving, according to the Canadian Real Estate Association (CREA), although deals in Vancouver and Toronto are pulling up the national average.
The CREA says removing the figures for the two cities would have cut the number of sales by half.
Realtors blame lack of mortgage funding for the decrease in sales.
Aussie homes under the hammer
Australia’s auction market is booming, with around 80% of properties owners wanted to go under the hammer selling in Melbourne and Sydney.
Buyers have noted that supplies are reducing as a general election approaches and voters are unsure of the outcome.
In Melbourne, 76% of 548 homes sold, according to the Real Estate Institute of Victoria, the highest rate since 2010.
In Sydney, 84% of 263 homes sold, according to data from Australian Property Monitors.
Abu Dhabi rents down
Rents in Abu Dhabi are falling despite a massive increase in demand as expat public workers seek homes to comply with government orders to live in the city.
The government wants public workers to move to the Abu Dhabi – and those that do not will face losing their housing allowance.
Thousands of public workers – expats and Abu Dhabi’s alike – have a daily commute from nearby Dubai. They prefer living in the neighbouring emirate as leisure and shopping facilities are better.
Rents in Abu Dhabi fell by around 4% in Q2 2013, according to property consultants CBRE.
