A surge in demand from foreigners has been observed in several areas of Bali, such as Denpasar and Badung
The government’s decision to simplify property ownership for foreign nationals has significantly impacted property searches in Indonesia. In terms of popularity, popular tourist island Bali recorded the highest growth in search interest compared to cities/areas like Makassar, Medan, North Jakarta (gated community Pentai Indah Kapuk), and South Tangerang (Bintaro, BSD, Serpong, Alam Sutera).
According to the November 2023 edition of Rumah123.com’s Flash Report, a surge in demand from foreigners has been observed in several areas of Bali, such as Denpasar and Badung, since the fourth quarter of 2022. The increase in demand aligns with 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 of 2022 concerning the Acquisition and Price of Residential/Residential Houses for Foreigners in September 2022 and Second Home Visas at the end of December 2022. Consequently, this policy is expected to significantly boost foreign interest in property during the first quarter of 2023. In the Badung region, property search interest surged by 91.3%, while Denpasar witnessed a notable increase of 55.8%.
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 policy, outlined in Minister of Law and Human Rights Regulation Number 22 of 2023, aims to attract high-quality travellers and contribute to the Indonesian economy. She expresses hope that regulations like this will not only impact the potential increase in property interest among foreigners in the Bali area but also in other cities in Indonesia in the long term.
