The government has been pushing efforts to accelerate the implementation of the three million houses per year program as an effort to drive the property and construction services sector as stipulated in the Joint Decree.
"Investment-oriented countries, such as the United Arab Emirates and Qatar, had shown interest and the ability to build one million houses," he remarked after attending the Indonesia Policy Dialogue event in Jakarta on Wednesday.
He reminded those investors about the investment interest, which shall not burden the housing price in this program.
"We reminded them that the interest must be low," Hamzah remarked.
According to Hamzah, the potential for foreign investors to invest in Indonesia's three million houses program could reach billions of US dollars.
He then outlined three main challenges of land issues, permits, and financing to implementing the three million houses per year program.
His side is entrusted with addressing the housing needs problem, which could have a massive impact on community welfare.
Apart from Middle East investors, the ministry would coordinate with the Ministry of Finance, Bank Indonesia (BI), the Financial Services Authority (OJK), and related stakeholders to fund this program, Hamzah added.
Earlier, Minister of Housing and Settlement Areas Maruarar Sirait remarked that the three million houses program had begun to draw the interest of foreign investors.
However, it requires hard work to realize cooperation with foreign investors.
He explained that the government had allocated the housing budget plan for 2025 of Rp5.07 trillion (USD305 million), which included an allocation for the Indonesian Capital City (IKN) Nusantara for 2025 of around Rp1.2 trillion (USD73 million).
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Translator: Muhammad Heriyanto, Resinta Sulistiyandari
Editor: Rahmad Nasution
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