Allow foreigners to buy houses

As we are aware that after the rupiah was floated last month it has depreciated by more than 15 percent.

Now it is high time for the government to attract foreign investment, especially in the real estate and property business.

Because of the rupiah's depreciation, the property business is already in the doldrums as most property purchases, especially with respect to apartments, are required to be paid in U.S. dollars.

Now the U.S. dollar is becoming ever dearer and the interest to invest or own apartments is now dwindling. If the Indonesian government allows expatriates to own property in this country, a lot of investment can be drawn.

This would not only pull the property business out of its "red" condition but would also arrest further depreciation of the rupiah.

I hope the authorities will consider this suggestion and take necessary action to halt further devaluation of the rupiah.

Allowing foreigners to own property like in Singapore and Australia would bring a lot of U.S. dollars to Indonesia and would even strengthen the rupiah to its pre-floated value.

V.N. MURTHY

Jakarta