Is Buying a Property in Bali a Good Investment in 2023?
Everyone wants to have a nice home on the beach where they can go to during the summer and simply rest and change the scenery. Exotic locations such as Bali are always popular. And while you’re not there, you can always rent your place for the tourists.
Bali is one of the most popular destinations in the world. It has gorgeous beaches and it is fairly inexpensive. This is one of the reasons why a lot of foreigners are considering to buy land in Bali and set up their home.
In this article, we will analyze whether buying a property in Bali is a good investment or not.
Change of Laws
First of all, Indonesia has complex laws when it comes to buying a property in this country as a foreigner. However, they have made some changes in recent years, encouraging people to come to their country and see if they can buy some land and either settle there or use new homes for rent.
Other than confusing property laws which are now slightly improved, future buyers must deal with titles, bureaucracy that’s completely the opposite from the western and it comes to no surprise why many people give up.
The rise of popularity
Bali was always a beautiful place to visit, but it wasn’t as popular as some other exotic destinations. However, this has changed in the last decade or so when more tourists opted for Bali, not only for the beautiful and exotic beaches, but also for the Indonesian culture and amazing scenery.
With that, the laws changed as well. Before, the foreigners weren’t allowed to own any property but since 2010, they could opt for long-term leases, which was a massive improvement. These leases could last for 30 years, with the potential extensions for 20 years.
Buying a Bali property can be a great investment in 2023, especially now with the Coronavirus dwindling down and slowly but surely becoming a thing of the past. Let’s see what is necessary to know when you are buying a land in Indonesia and how to make your investment an enjoyable experience rather than a nightmare.
Understanding Local Laws and Finding a Property
We’ve already talked about some law changes that occurred in the past few years, allowing foreigners the opportunity to become owners in Bali.
We just want to stress out the importance of familiarizing yourself with these local laws. If you don’t know the amount of paperwork necessary, you may be caught by surprise and end up paying more than you should. Also, familiarizing yourself with the laws means that you will be able to avoid any potential scams.
This is why we suggest that you find and buy property in Bali from one of the reliable agencies such as Nusa Penida Land. There are various ongoing projects that allow you to invest in Bali real estate and this is much easier to do with a help of a trusted agency, so click here for more details.
Reviewing the Paperwork and Purchasing property
Once you are able to find the suitable piece of land with the help of a reliable agency, an inspection will be done. Then, you need to sort out the paper work. We’ve already pointed out that Indonesia has somewhat different laws for foreigners who are buying property.
The good news is that companies either have in-house lawyers or either collaborate with one. They should help you out organize everything that you need in order for the process to go smooth.
Once everything is sorted out, you are left with transferring the money for the property, which is the last step. After that you can get down to construction and design the home of your dreams.
The Upward Economy Trends
Even though Indonesian economy isn’t among the strongest economies of the world, Bali has created a sort of a microclimate of its own and you will usually be in touch with the local government regarding some issues or questions.
Having said that, Indonesia has improved significantly in the last few years and Bali too is on its way to an economic recovery. The local government in Bali is doing everything they can to create the best possible environment for hospitality workers and they are opening their borders for foreigners to come and visit and also do business here.
This is something to consider because you want to invest in an area that grows and that has a great potential. Other than the Covid-19 pandemic that hit the entire world, Bali showed no signs of slowing down and it will definitely be one of the best exotic destinations in the future.
Prepare for the Process
So far, we’ve talked about Bali being a great destination for foreigners who either want to buy a property there and either move or rent. We’ve also mentioned the local laws and how you can make the most of the situation by getting in touch with real estate agencies.
When you decide to buy a property in Bali, you should be prepared for the process to last for a while. Expecting everything to be done quickly is not something to hope for. However, the agency will definitely speed up the process.
Bali is the Land of Beautiful Beaches
If you plan to spend some time during the year in Bali, you couldn’t have selected a better destination. A Bali retreat is something people dream of. There is a large number of beaches that you can visit, but the beaches aren’t the only thing Bali offers. Places such as Uluwatu Temple is one of the best destinations here, and it is best to visit it in Sunset. But we will leave you to explore Bali by yourself.
Buying a property in Bali is definitely worth it. After the pandemic, Bali is expected to return to the full glow and have visitors throughout the year which means that the economy will improve further and the property will increase in value too.