Indonesia Property Market Outlook for 2021: A Complete Overview (BALI)

12 Jan 2022 • 2 min read

Image of Indonesia Property Market Outlook for 2021: A Complete Overview (BALI)

Bali has seen great growth in property prices in the past decade, mainly thanks to increasingly more tourists and foreign property buyers.

The property market slowed down in 2017, but overall, the growth remained above the national average level. More than 30,000 expats live in Bali and with most people investing in beach-side luxury villas.

As a result, prices are higher compared to other places in Indonesia as the market mostly caters to the high-end segment, where people tend to focus on luxury villas.

The prices of luxury villas have almost doubled from 2013 to 2018. In some cases, prices even tripled, based on location and the distance to popular beaches.

Bali’s property market is expected to perform well in the future, thanks to the increased threshold before the luxury property tax of 20% kicks in (from around USD 1.4 million to USD 2.1 billion) and future economic growth.

How was the market affected by the COVID-19 pandemic in 2020?

According to local experts, freehold prices have decreased by as much as 25% in places like Bali during the pandemic.

In Jakarta, on the other hand, the sales for landed houses have decreased by around 20% compared to the second half of 2019. With tougher lending policies implemented by the government, we have also seen a reduced demand.

It doesn’t come as a surprise that the government now comes up with new initiatives to relax ownership regulations to boost foreign investments.

But there’s also light in the tunnel, as they say. Cushman & Wakefield mentions that we see an increased interest in new tourist destinations, including Lombok, Labuan Bajo, and even Raja Ampat in Papua.

The demand for Indonesian real estate will undoubtedly increase if the government can manage to make it easier for foreigners to buy, hold, and sell real estate in the country.

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