Apartments for sale in Surabaya
Today is a good time to start thinking about buying an apartment in Surabaya for investment and living. This cosmopolitan city is located in the eastern part of Java Island. It is not as popular with overseas buyers as the resort villages on Bali Island. However, do not underestimate this direction. Buying property here will be a profitable investment and a good source of passive income. Foreign investors can buy apartments in Surabaya at affordable prices, which are still growing. You can choose housing in the secondary market or favour new buildings. Properties under construction will bring the highest profit, as prices increase by 30–60% of the initial value after the project is put into operation.
When buying a flat or villa in Indonesia, it is important to consider the specifics of the local law, which prohibits foreigners from owning property. Nevertheless, foreigners can buy flats in Surabaya with the right to long-term ownership. In this case, a foreign citizen has the right to buy only those properties whose value is not less than $98,000.
Local authorities do not regulate the length of ownership. Generally, the landlord sets a term of 25 to 45 years. It can be extended, and this option is usually stipulated in the contract. There will be a fee for extending the right of use, which is usually calculated at the rate of $1,000 per year.
A foreigner can buy property remotely. This requires a power of attorney for a realtor or lawyer who can buy houses or apartments in Indonesia without your direct presence. Many real estate agencies provide services for the remote purchase and subsequent rental of the purchased property.
There are no other restrictions on the purchase of property in Indonesia for foreign buyers. You can pay for the purchase by bank transfer, cryptocurrency, or cash.
Apartments prices in Surabaya
The majority of foreign investors prefer buying flats located in prestigious areas of the city. As a rule, these are new flats in contemporary residential complexes.
An important factor that determines the cost of apartments in Surabaya is the location. The price also depends on the floor area, type of house, year of construction, and other details. Today, you can easily find properties on the market that are suitable for foreigners to buy. For example, a flat of 85 m² with two bedrooms and two bathrooms is sold at a price of $164,000.
There are also a variety of luxury flats. In a modern skyscraper that houses the Tunjungan Plaza 5 shopping centre on the ground floor, a 3-bedroom residence with an area of 114 m² is available for sale for $360,000.
Thus, the price per square metre in the above examples ranges from $1,900 to $3,150.
The higher cost of flats for sale in Surabaya is determined by their favourable location. The closer the housing is to major road junctions, shopping centres, and other infrastructure, the more expensive it is. Property in the centre and business districts of the city may be of interest to investors who want to lease their homes or those who prefer to live in the lively areas of the metropolis.
Investment apartments in Surabaya
Investing in flats in Surabaya is favourable for the following reasons:
- The city’s high popularity among investors. Even at the peak of the pandemic, there were active housing sales here.
- High growth rate of the city’s economy.
- The city boasts the largest shopping centre in the country, a huge market, and a number of prestigious universities. All this contributes to the demand for buying and renting local housing.
- The rapid pace of city development and the increase in the local population stimulate the growth of property prices.
The price of apartments in Surabaya is much lower than on the popular island of Bali. In addition, here you can easily find quality housing in a modern residential complex from a reliable developer. Despite the fact that the region is not a resort, there is always a demand for rental property, as a large percentage of the local population prefers to rent housing. Investors can make a steady profit even without being in Indonesia. The process of renting out the property can be entrusted to a management company.
It is also possible to buy housing during the construction phase at a favourable price from the developer and resell it after the residential complex is put into operation.
Buying apartments in Surabaya
Our website provides up-to-date offers of flats for sale in different cities in Indonesia. You can choose the city or province you are interested in and view all the current offers for sale from developers, real estate agencies, and private individuals.
We are constantly updating information and adding new options to the catalogue so that you are aware of all the sought-after offers on the market. With the help of filters and convenient sorting by number of bedrooms, area, price, and many other criteria, you can quickly choose the property option that suits you. Each ad has a photo, description, and technical characteristics so that you can compare different property units and choose the best one for future purchase.