Predictions for Bali's Property Market in 2024 and Beyond

19 December 2023 by Seo Manager
Predictions for Bali's Property Market in 2024 and Beyond

Bali property market prediction has always been a hot topic, especially for investors looking to grow their property portfolio in one of the most profitable locations in the world. This is no surprise as the island offers one of the highest yields anywhere - an average of 15% per year compared to 5% in other locations.

The Bali property market has continued to improve significantly after the pandemic, showing great signs of improvement and growth. In fact, 2023 was a great year for the Bali property market with experts stating that market value and returns for property in Bali would remain attractive and steady, with continuous growth and returns, which turned out to be true. 2024 is expected to be even more bullish, with even more opportunities for high-income potential and high ROIs from rentals.

What To Expect In The Bali Property Market 2024?

Bali Property Market 2024

The Bali property market prediction for 2024 is expected to continue its positive trajectory thanks to the growth of the Bali economy and its booming tourism industry. By August 2023, the island welcomed approximately 3.4 million tourists, and by the end of 2023, it is expected to welcome 1.1 million more. This number is only expected to increase over New Year’s Eve and in 2024 and beyond.

Experts have projected that in 2024 and the following years, market value and returns for property in Bali will remain attractive and steady, with continuous growth and returns. According to analysts, the Indonesian real estate market is expected to grow from USD 61.22 billion in 2023 to USD 81.24 billion by 2028 at a CAGR of 5.82% during the forecast period. The cost of rent on the island is set to increase by 15-20% per year on average and the average real estate occupancy during the year is forecasted at 65-80%, allowing purchased real estate to be prepaid in 5-6 years.

There are also exciting developments happening on the island that are expected to bring in major investments and interests from all corners of the earth, which is great news for the Bali property market prediction. Major projects include:

Bali Light Rail Transit (LRT) Project: A 10km line connecting Bali International Airport to 16 stations in major resort towns in South Bali

New Bali Theme Park by Paramount Picture: The proposed opening date has been set for 2025. It is expected to be located on the western coast of Bali and will be the largest theme park in Southeast Asia.

Improved Connectivity: Visitors and locals will see continuous improvements in roadworks and transportation to improve traffic flow into major resort areas in the south.

Development of New Tourism Destinations: These include the West Bali National Park, the eco-tourism village of Penglipuran, and the cultural village of Tenganan Pegringsingan.

Gilimanuk-Mengwi Toll Road: The longest toll road on the island, which will be constructed across 3 regencies, 13 districts, and 58 villages and is expected to be completed in 2028.

Extensive Renovation of Gilimanuk Harbor: To facilitate traveler connections to West Bali and East Java.

Can Foreigners Buy Property In Bali?

Foreigners aren’t allowed to own land or property in Bali but are allowed to long-term lease which can go anywhere from 2-100 years depending on your agreement with the property owner or landlord.

Is It Worth Buying A Villa In Bali?

Definitely. In terms of the Bali property market prediction, analysts and experts have projected that in 2024 and the years that follow, market value and returns for property in Bali will remain attractive and steady, with continuous growth and returns. So if you’re looking to invest, now is the time to buy property in Bali.

Let’s take a look at some of our top picks of Bali luxury villas for sale in the hottest and most sought-after tourist areas.

Villa Travalo 5

Villa Travalo 5

A stylishly modern villa in the highly sought-after neighbourhood of Umalas, Villa Travalo 5 offers a great opportunity for first-time buyers or investors and those looking for a modern and contemporary holiday home in Bali. This 2-story villa has 3 bedrooms and 2 ensuites, and a closed living, dining and kitchen area. It’s a sleek and trendy space with industrial undertones and filled with natural light, complete with a balcony, parking space and a swimming pool with a sunbed.  Villa Travalo 5 is available for lease until 2051.

Villa Indah Nya Cinta

Villa Indah Nya Cinta

A stunning and romantic villa in the up-and-coming area of Kediri in Tabanan, perfect for nature lovers and those who want an elegant dream Bali villa in the middle of rice fields. This 3-story villa comes with 4 bedrooms and 4 bathrooms, and each level features a semi-open design, bringing the outside in. The third level is the master bedroom, which opens up onto an expansive terrace for a million-dollar view like no other. On the ground floor is the living, dining & kitchen area that overlooks the pool, garden and rice fields. The villa also has a gym, a sauna and a parking area. Villa Indah Nya Cinta is available for lease until 2036.

Villa Sea La Vie

Villa Sea La Vie

A gorgeous and elegant villa with a cosy yet lavish ambiance in the heart of Seminyak, close to all the shopping, dining, entertainment and the beach. The villa is an all-white mansion on lush tropical land, a two-story rectangular design overlooking a private pool with open-plan interiors filled with natural light and air with walls that are mostly floor-to-ceiling glass. Interiors exude a tropical charm, with the use of glistening Indonesian hardwood, rattan furnishings and carvings for a warm and inviting ambience.

There are four bedrooms with private bathrooms, an open-plan living and dining area and a beautiful kitchen with hardwood features, a lovely pool, a lush tropical garden and a parking space. Villa Sea La Vie is available for lease until 2042.

Time To Buy Property With Bali Coconut Living

Buy Property With Bali Coconut Living

Contact us now at Bali Coconut Living, a Seminyak-based villa property agent who is always ready to serve you if you need assistance in buying, selling, and even maintaining a villa for your passive income.

We have hundreds of wonderful Bali villas whether freehold or leasehold for sale and rent in all of the most popular areas including Seminyak, Umalas, Uluwatu, Jimbaran, Nusa Dua, and Canggu.

Feel free to browse all of our properties and if you have any questions or inquiries, do contact us by clicking on this link, or pick up the phone and call us at +62 361 847 6727.

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