Bali Property Market Outlook Since Covid 19 (2019–2023)
Bukit Vista has been managing properties in Bali for 140+ property owners with 10+ years of experience. During this time we have gathered extensive data about the rental property market in Bali. And from our findings, have seen that the Bali property market has undergone significant changes since 2019, with various factors influencing its growth and development.
We collects hundreds of property database
As you can see in the graph below based on our own properties data, just in the last 3 years alone have seen significant changes in the rental property market here in Bali.
A brief update in the last few years
From 2009–2019, the property market in Bali was experiencing a period of strong growth, driven by an increase in tourism and foreign investment. The island’s popularity as a tourist destination, combined with its tropical climate and beautiful beaches, had made it a desirable location for both vacation homes and long-term investments. Property prices were on the rise, particularly in popular areas such as Seminyak, Canggu, and Ubud.
However, the COVID-19 pandemic, which began in late 2019, had a significant impact on the island’s tourism industry and property market. The travel restrictions and lockdowns implemented to control the spread of the virus led to a decrease in property prices and a slowdown in the market. Many property developers and investors were hesitant to proceed with their plans, and some even had to put their projects on hold.
In 2020, the property market in Bali continued to be affected by the pandemic, with a decline in property transactions and a decrease in property prices. However, as the pandemic began to be controlled in some countries and travel restrictions were lifted, a rebound in the property market began to occur. Many buyers, particularly from Asia, began to return to the market, drawn by the relatively affordable prices and the island’s reputation as a safe and stable destination for property investment.
In 2021, the property market in Bali continued to recover, with a significant increase in property transactions and a stabilization of property prices. The island’s tourism industry also began to recover, with an increase in the number of visitors. The property market in Bali has continued to grow, driven by the island’s popularity as a tourist destination, the relatively low prices compared to other popular tourist destinations, and the increasing number of foreign investors looking to purchase properties on the island.
As of 2022, the Bali property market has seen tremendous growth, with many investors seeing the potential of the island’s property market. However, concerns about overdevelopment and a lack of infrastructure to support the growing number of tourists still persist. The island’s property market is also affected by the global economic situation, and it’s expected that the market will continue to be affected by the pandemic in the short term. Nevertheless, the long-term outlook for Bali’s property market remains positive, driven by the island’s popularity as a tourist destination and the increasing number of foreign investors looking to purchase properties on the island.
So what’s next for 2023 Bali Property market
It’s difficult to predict exactly how the Bali property market will look in 2023 as it can be affected by factors such as the fear of global recession, and the political situation of travel restrictions around the world. However, based on current trends and projections, the Bali property market is expected to continue its growth in the coming year.
The island’s popularity as a tourist destination, combined with its tropical climate and beautiful beaches, is expected to continue driving the property market in Bali. With the increasing number of tourists visiting the island, the demand for vacation rentals is likely to remain high, particularly in popular tourist areas such as Seminyak, Canggu, and Ubud.
The increasing number of foreign investors looking to purchase properties on the island is also expected to continue driving the property market. Many of these investors are from Asia, particularly China and Singapore, who are drawn to Bali’s tropical climate and the island’s reputation as a safe and stable destination for property investment. This will likely lead to an increase in property prices in the coming year, particularly in popular areas such as Seminyak, Canggu, and Ubud.
Another factor that could impact the Bali property market in 2023 is the recent changes in Indonesian property law, which allows for more relaxed laws regarding foreign ownership of property. This is expected to attract more foreign investors to the island, further driving the property market.
Bali property market Area set for growth
As more visitors inhabit Bali again, areas such asSeminyak, Canggu, Ubud, and Nusa Dua are considered to be the best places for property investment in Bali for the upcoming years. Each area has its own unique characteristics and offers different opportunities for property investment, making it important to research and understand which area suits your investment needs and goals the best.
But no need to worry, we have 10+ years of experience in the rental property market in Bali and managing properties in this island.
Feel free to contact us for all your property investment questions in Bali.
