Bali’s throne as a top tourist destination in Indonesia and on the global scale remains unchallenged. In 2023, Indonesia’s Central Bureau of Statistics recorded that Bali had welcomed around 15 million international tourists. This number is expected to increase further in 2024, which will contribute to the bright prospects of the Bali property market.
The knock-on effect is the increasing development of real estate projects, ranging from residential, office buildings, shophouses, to hotels. So it is not surprising that the property and real estate sector in Bali is expected to experience positive growth in 2024, supported by the promising economic growth in Indonesia. Are you interested in joining the industry? Read these essential things you need to consider before you buy property in Bali.
Location, Location, Location
Everyone says it because it’s true. It’s prevailing wisdom that determines real estate’s value, either for your personal life or for investment. It’s not only about the price, but also the experience. In Bali, there are Canggu, Seminyak, Uluwatu and Ubud as top notch areas for property. Each location unlocks a unique experience.
By understanding your priorities, you can find the perfect Bali address to call home or make a profitable investment. For example, Canggu and Seminyak have lots of beaches and interesting nightlife for those energetic individuals. Ubud with the serenity will offer you tranquility and Uluwatu is famous for its breath-taking ocean cliffs.
Price Research
Once you are sure that you have decided on a suitable property in the perfect location, start to range prices in that area. Besides location, several factors come into play to determine a property’s value. It is important to stay informed about market trends, like supply and demand, economic indicators, and interest rates to keep updated about the current pricing environment. However, please keep in mind that property prices in tourism areas naturally fluctuate with the seasons. You’ll find the highest prices during the holiday season, followed by a dip during the low season.
However, even the low season can see high prices if demand remains strong. Therefore, if you’re aiming for the best price on a Bali property, strategic timing is crucial. Ideally, you want to buy when the market conditions are flat or stable, offering a more balanced negotiation position. This could be during the shoulder seasons (between peak and low) or during a period of overall market stability.
Good Neighborhood
Additionally, property prices are also determined by the type of property you’re considering (villa, apartment, land) and its overall condition (new, resale, renovated). While stunning beaches, vibrant cafes, and trendy shopping centers are Bali’s allure, other factors significantly impact property value.
Proximity to essential public facilities like major roads, hospitals, and banks plays a crucial role in convenience and daily life, translating into a higher price tag. Unique cultural assets like renowned art centers, serene city parks, museums, or concert venues add prestige and desirability, further boosting the initial price point.
Due Diligence
Confident enough with your choice of villa in Sanur? Good. However, before moving forward with the transaction, a due diligence process is highly recommended to ensure a smooth transaction and give you peace of mind.
This involves a meticulous examination of the property’s legal history, including verifying the authenticity of ownership and land title documents, confirming the validity of any operational permits, ensuring the current owner has no outstanding property taxes, and investigating any past or present legal issues concerning the property’s borders. By thoroughly reviewing all legal aspects, due diligence helps you comply with regulations and avoid unexpected problems in the future.
Trusted Partners
Last but not least. IInvesting in Bali real estate involves interacting with various parties, including developers, landowners, agents, and notaries. Selecting reliable business partners is crucial for a smooth and successful transaction. This is where a reputable service provider like Seven Stones Indonesia can be invaluable.
Their experienced team offers comprehensive support throughout the property buying process, from crafting initial offers to negotiating prices, securing building permits, and conducting thorough due diligence. This ensures investors make informed decisions based on accurate information. Contact Seven Stones Indonesia today by filling our contact form below. Let us know about your investment goal in Bali and let’s start the initial steps to make it real.Â