Bali’s property market continues to experience rapid growth, both in the residential and commercial sectors. One of the main factors driving this progress is the development of the tourism sector which continues to increase, attracting the attention of local and foreign investors.
The Bali government focuses on the development of quality and sustainable tourism, which aims to attract tourists with high spending, thereby increasing the attractiveness of the island as a premium destination.
It is estimated that the number of tourists coming to Bali through the airport will reach 24 million people by 2025. This figure reflects significant growth prospects and could drive further development of property market in Bali during the year.
Based on the latest data from REID (realinfo.id), property prices in Bali have increased by an average of 7% per year over the past five years, with some areas experiencing higher increases. Properties in Bali are also known to offer the highest rental yield in Indonesia.
According to Liputan6.com, In June 2024, Bali’s property sector recorded significant revenue, reaching US$142 million, growing 33% compared to the previous months, which was also the highest achievement in the first half of 2024.
“The shift in tourist interest to the western part of Bali, such as Seseh, Kedungu, Cemagi, Nyanyi, and Pererenan, opens up new opportunities for the property sector to develop further,” said Evgeny Obolentsev, General Manager of NPG Indonesia.
Media Indonesia reports, For tourists who have been visiting Bali for a long time, areas such as Sanur, Seminyak, and Ubud remain favorites. However, the younger generation tends to be more interested in new areas that are greener and closer to Bali’s nature.
“Many of them who initially only considered Bali as a tourist destination, are now starting to consider living and working in Bali,” explained Evgeny.
The Covid-19 pandemic has taught us that remote working is a possible option, and Bali is now the ideal place to do so, thanks to facilities that support the increasingly accessible concept of work-life balance.
In addition, the construction of the Bali Urban Subway, which is planned in four phases, is also predicted to have a positive impact on the property industry. The first phase will connect I Gusti Ngurah Rai Airport with Kuta Central Park, Seminyak, Berawa, and Cemagi along 16 kilometers.
The second phase will connect I Gusti Ngurah Rai Airport with Jimbaran, Ubud, and Nusa Dua along 13.5 kilometers.
Meanwhile, the third and fourth phases will connect the Kuta Parking Center with Sesetan, Renon, Sanur, as well as Renon, Sukawati, and Ubud. Currently, the third and fourth phases are still in the feasibility study stage.
Evgeny added, “As is the case in cities that have an MRT or LRT system, property prices in areas that are traversed by these public transportation lines are likely to increase.
Source: MediaIndonesia, Liputan6
Image: via Seven Stones Indonesia
