Instead of paying for hotels when you travel for a weekend island getaway, why not buy a home of your own?
Residential property prices in one of Singaporeans’ most popular island hotspots, Bali, have risen by up to 15% in 2014. Compared to a 5 per cent rise of properties on the Spanish Island of Ibiza and a fall in prices of up to 8 per cent in Sardinia, Italy; it seems investment money is mostly travelling to one of the most popular island in the Indonesian Archipelago. For investors looking for potential international properties, this could be the prime spot and time. Especially as the Indonesia government are in the process of making it easier for foreign buyers to own luxury apartments in the country. Changes are expected to happen in as little as 2 to 3 months’ time.
This will apply not only to properties in Bali of course, but also in other Indonesian cities. The next other most popular city in Indonesia is Jakarta, considering the number of Singaporeans working there. Currently, buyers are only allowed to purchase leasehold properties. With most foreign buyers preferring to purchase freehold properties, it will be interesting to see what policy changes the government comes up with. There has been talks about proposed amendments to the regulations with foreigners restricted to purchase of luxury apartments and not landed homes.