Bali Tourism Leads to Increase in Real Estate Sales
The rapid growth in tourism in Bali has also lead to a much higher demand in the real estate sector. Wealthy individuals along with a number of Indonesian firms are creating a buying frenzy in the real estate market, especially when it comes to buying land in the southern island.
According to a report done by property management company, C9 Hotelworks and Horwath HTL, in addition to the very active tourism market, Bali has also seen recent improvements in highways, the underpass construction, and the airport, all of which support the growth of the real estate market.
There has also been a spike in the number of hotels, condo hotels, and Bali villas that are becoming available. Villas in Bali are incredibly popular because they offer something that even the most up-scale hotels cannot offer – seclusion and privacy, along with spacious, luxurious villas, private swimming pools, lush gardens, and their own staff including cooks/chefs.
In the past few years’ Indonesian buyers have been key players in properly sales while buyers are generally from Australia, the USA, and Europe. The hotel branded residential sector attracts domestic buyers from Surabaya and Jakarta that are drawn by the return on investment.
C9 Hotelworks managing director Bill Barnett says, “Bali has been inundated by domestic demand. Both investment and end users, primarily from Jakarta and Surabaya, have been buying off the units,”
There is a limited supply of large parcels of land, and the development craze that’s currently underway, has led to land prices skyrocketing in Seminyak and Kuta. As land becomes scarce developers are looking to outer areas like Umalas, Kerobokan, and Pererenan, Kerobokan where prices are still much lower.
The demand in the real estate market will continue as long as investors see the potential for profits. Tourism is certainly not going to decline any time soon as the “secret is out.” Bali vacations are one of the best on the planet.