COUNTRY SPECIAL

SURGE IN FOREIGN INTEREST: BALI'S PROPERTY MARKET FLOURISHES FOLLOWING GOVERNMENT POLICY CHANGES

Bali's Property Boom: Golden Visa Sparks Unprecedented Foreign Interest and Economic Opportunities

27.11.2023
BY PEACHY BECK
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The Indonesian government's recent move to simplify property ownership for foreign nationals has ignited a significant surge in property searches in Bali, according to the latest findings from Rumah123.com's Flash Report.

Bali, renowned for its stunning landscapes and vibrant culture, has experienced the highest growth in search interest compared to other cities and areas such as Makassar, Medan, North Jakarta (PIK), and South Tangerang (Bintaro, BSD, Serpong, Alam Sutera).

The November 2023 edition of Rumah123.com's Flash Report highlights a noticeable uptick in demand from foreign buyers, particularly in Denpasar and Badung, dating back to the fourth quarter of 2022.

This surge in interest is closely tied to the government's policy changes, specifically the issuance of the Decree of the Minister of Agrarian Affairs and Spatial Planning/Head of the National Land Agency Number 1241/SK-HK.02/IX/2022 in September 2022, addressing the Acquisition and Price of Residential/Residential Houses for Foreigners. Additionally, the introduction of Second Home Visas at the end of December 2022 is anticipated to further bolster foreign interest in Bali's property market throughout the first quarter of 2023.

In the Badung region, property search interest skyrocketed by an impressive 91.3 percent, showcasing the allure Bali holds for international buyers. Denpasar experienced a substantial increase of 55.8 percent during the same period. Maria Herawati Manik, the Country Manager of 99 Group Indonesia, attributes this growth to the government's ratification of the Golden Visa policy in early September 2023.

The Golden Visa policy, outlined in Minister of Law and Human Rights Regulation Number 22 of 2023, is designed to attract high-quality travelers and simultaneously contribute to the Indonesian economy. Maria Herawati Manik expressed optimism that regulations like this will not only impact the potential increase in property interest among foreigners in the Bali area but will also have a lasting effect on other cities across Indonesia in the long term.

As Bali emerges as a hotspot for international property investment, industry experts anticipate that the region's real estate market will continue to thrive, bringing economic benefits to both the local and national levels. The government's strategic measures to facilitate property ownership for foreigners are positioning Indonesia as an increasingly attractive destination for global real estate investors.

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