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Popular Bali sees rocketing real estate prices in 2013
| Published: | 6 Apr at 6 PM |
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Tagged: Property Abroad, Australia
A popular destination for 50 years with expats and tourists alike, the tropical island of Bali is seeing high demand for its properties resulting in even higher real estate prices.
Demand is spiralling upward as more Australians and Brits flock to the island for its glorious weather, sheer beauty and laid-back lifestyle, giving capital appreciation for earlier arrivals and higher prices for latecomers. Seminyak has seen the most dramatic increase, with land prices tripling since 2010 and supply drying up as a result.
However, experts in the region’s property markets believe that the lack of efficient infrastructure on the island and unrestricted development is discouraging the wealthy from putting down roots. Hospitality Institute of Asia consultant Fabrice de Barsy points out that the island is looking grubby and ugly construction is wrecking the glory of the landscape.
De Barsy agrees that the luxury market is being affected by the building of condotels and cheaper accommodation, although the country’s economy is growing as a result. He adds that a growing middle class across Asia can now afford a holiday in Bali, with increasing numbers deciding to stay on.
Prices, he believes, will only stay at their present level for a short time before further increases kick in although, right now, many top-end properties are for sale and attracting no buyers. He discounts terrorism as a disincentive, saying that there is little chance of repeat of the tragic Bali bombing of a nightclub popular with young expats and tourists.
Demand is spiralling upward as more Australians and Brits flock to the island for its glorious weather, sheer beauty and laid-back lifestyle, giving capital appreciation for earlier arrivals and higher prices for latecomers. Seminyak has seen the most dramatic increase, with land prices tripling since 2010 and supply drying up as a result.
However, experts in the region’s property markets believe that the lack of efficient infrastructure on the island and unrestricted development is discouraging the wealthy from putting down roots. Hospitality Institute of Asia consultant Fabrice de Barsy points out that the island is looking grubby and ugly construction is wrecking the glory of the landscape.
De Barsy agrees that the luxury market is being affected by the building of condotels and cheaper accommodation, although the country’s economy is growing as a result. He adds that a growing middle class across Asia can now afford a holiday in Bali, with increasing numbers deciding to stay on.
Prices, he believes, will only stay at their present level for a short time before further increases kick in although, right now, many top-end properties are for sale and attracting no buyers. He discounts terrorism as a disincentive, saying that there is little chance of repeat of the tragic Bali bombing of a nightclub popular with young expats and tourists.
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