BANDAR SERI BEGAWAN, Aug. 17 (Xinhua) -- Foreigners can now own properties in Brunei through a strata title which will allow them hold property for up to 99 years, a land official said.
According to local media on Thursday, this was revealed by Bilkis Sa'ar from Brunei's Land Department during a presentation on "Strata Title Management" recently.
The Land Department official said that according to the land code in Brunei, only Bruneians can own land in Brunei.
"Therefore, to be fair to foreigners, especially those who plan to live in Brunei for decades, we are giving them the opportunity to own property in Brunei," she explained. "Normally, they will stay in Brunei for long, sometimes 20 to 30 years. They can be strata title owners for a maximum of 99 years."
She mentioned the benefits of strata title ownership that include secured property ownership; outright ownership of strata titles by permanent residents and foreigners; wide-scale stimulation of the property market in Brunei; and generation of growth for property-related businesses.