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Property Bank Aims to Lower Housing Prices

Translator

Editor

16 May 2017 21:04 WIB

TEMPO.CO, Jakarta - The Public Works and Public Housings Ministry official Syarif Burhanuddin says that Indonesia needs an agency that is able to control the value of land and house, such as property banks.

“All this time, the land has been one of the components that creates the expensive values of houses. If the government could take control of land areas, land prices can be controlled automatically,” Syarif said on Tuesday, May 16.

Read: Property Bank Bill Expected to be Finalized in August

Syarif added that it is needed to prevent a drastic hike in land prices since it has been increased uncontrollably. “It could double in just a month because of the market mechanism. Nothing can stop that force,” he said.

With property banks, according to Syarif, land prices would not increase purely based on market’s pressure.

Currently, the Agrarian and Spatial Planning Ministry is in the process of drafting a presidential regulation on property banks. The Ministry is scheduled to present the bill draft to Coordinating Minister for Economic Affairs Darmin Nasution in the next two weeks.

The property bank operator is expected to be a land keeper, land purchaser, and land distributor.

ANGELINA ANJAR SAWITRI



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