Bali Property Market Set to Boom After Rapid Post-Pandemic Recovery

Bali’s property market is poised for an explosive post-pandemic rebound as both domestic and foreign investors eye the island’s property market.

Yanita Petriella

4 Apr 2024 - 21.43
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Bali Property Market Set to Boom After Rapid Post-Pandemic Recovery

Illustration (Bisnis)

Bisnis, JAKARTA — In the wake of the COVID-19 pandemic, Bali is becoming a tourist destination with the most rapid recovery. This has boosted the property market in Bali, driven by demand from both Indonesians and foreigners.

The government has opened the door for foreigners to easily own property in Indonesia. Until now, foreigners were only allowed to own residences that were built on land with leasehold rights and were required to have a Permanent Stay Permit Card (KITAP) and a Limited Stay Permit Card (KITAS).

However, foreigners can now residentials by simply attaching immigration documents such as visas, passports, or residency permits. Foreigners are granted ownership rights over condominium units (apartments) built on land other than leasehold land, as previously regulated. These apartments need to be built on land with right to build (HGB) in Special Economic Zones (SEZs), free trade and free port zones, industrial zones, and other economic zones.
The rules regarding foreign ownership of residences are regulated in Law No. 6 of 2023 concerning the Determination of Government Regulation In Lieu of Law Number 2 of 2022 concerning Job Creation, Government Regulation Number 18 of 2021 concerning Management Rights, Land Rights, Condominium Units, and Land Registration, and Agrarian Affairs and Spatial Planning Minister/National Land Agency Head Regulation Number 18 of 2021 concerning Procedures for Determining Management Rights and Land Rights.

Other regulations that have been issued include Agrarian Affairs Minister/National Land Agency Head Decree No. 1241/SK-HK.02/IX/2022 concerning Acquisition and Prices of Residential Homes/Residences for Foreigners. Previous policies regarding foreign residences were regulated in Government Regulation No. 103 of 2015 concerning the Ownership of Houses or Residences by Foreigners Domiciled in Indonesia and Agrarian Affairs and Spatial Planning Minister/National Land Agency Head Regulation Number 29 of 2016 concerning Procedures for Granting, Releasing, or Transferring Rights to Ownership of Houses or Residences by Foreigners Domiciled in Indonesia.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Nindya Aldila
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Bali Property Market Set to Boom After Rapid Post-Pandemic Recovery

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