Makassar

Real Estate Agencies in Makassar, Indonesia

Services Offered

1. Property Listings: Agencies provide listings for residential, commercial, and industrial properties for sale or rent.
2. Market Analysis: They offer insights into market trends, property values, and investment opportunities.
3. Legal Assistance: Many agencies assist with legal documentation and compliance with local regulations.
4. Property Management: Some agencies offer management services for landlords, including tenant screening and maintenance.
5. Consultation Services: Agencies may provide advice on property investment and development.

Typical Costs and Fees

• Commission Fees: Generally, real estate agencies charge a commission of 1% to 3% of the property sale price or one month’s rent for rental agreements.
• Administrative Fees: Additional fees may apply for processing documents, typically ranging from IDR 500,000 to IDR 2,000,000 (approximately $35 to $140).
• Deposit: For rentals, a security deposit of 1 to 3 months' rent is common.

Procedures for Renting or Purchasing Property

1. Research: Identify your needs and budget. Use online platforms or visit agencies to explore available properties.
2. Viewing Properties: Schedule visits to shortlisted properties with the agency.
3. Negotiation: Discuss terms, including price, duration of lease (for rentals), and any included amenities.
4. Documentation: For rentals, prepare necessary documents (ID, proof of income). For purchases, additional documents like tax identification and proof of funds may be required.
5. Signing Contracts: Review and sign the lease or sale agreement. Ensure all terms are clear and understood.
6. Payment: Make the required payments (deposit, first month’s rent, or down payment).
7. Transfer of Ownership: For purchases, the agency will assist in the transfer process, including registration with local authorities.

Local Considerations and Cultural Practices

• Language: Bahasa Indonesia is the official language. Having a translator or a bilingual agent can be beneficial.
• Cultural Norms: Building relationships is important. Engaging in polite conversation and showing respect can facilitate negotiations.
• Local Regulations: Foreigners can own property in Indonesia but must comply with specific regulations, such as leasehold agreements or establishing a local company for freehold ownership.

Financial Aspects and Requirements

• Payment Methods: Transactions are typically conducted in Indonesian Rupiah (IDR). Ensure you have a local bank account for larger transactions.
• Taxes: Be aware of property taxes and transaction fees, which can include:
  • Acquisition Duty: Generally around 5% of the property value.
  • Annual Property Tax: Varies based on property value.
• Financing Options: Local banks may offer mortgage options for property purchases, but requirements can be stringent for foreigners.

Conclusion

Engaging with a reputable real estate agency in Makassar can simplify the process of renting or purchasing property. Understanding local customs, financial obligations, and legal requirements is crucial for a successful transaction.