Bali house prices tumbling up to 50 % lower

Bali house prices tumbling with luxury homes are being sold for 30 to 50 % lower than the asking price during pre-Covid-19. Indonesia.  Ray White real estate chief executive Johann Boyke Nurtanio said the pandemic and border closures had driven down demand and dragged down the prices with it. What happened in the past year is that Indonesians are the ones actively looking and buying cheap assets as an end result of the pandemic,’ he said. If someone wants to go back to Perth, they need to fly from Bali to Jakarta to Dubai to Sydney (and quarantine in Sydney), before taking the last leg from Sydney to Perth, which is impossible for anyone to take this route.

A four-bedroom villa at Ulawata Beach is currently going for $340,000 – down from $440,000 the year before.A 14-bedroom house at Taman Sari in Kerobokan is now on the market for $540,000  after dropping down from $785,000. A three bedroom and four bathroom property at Jimbaran is fetching $892,000 after the price was slashed from $1.1million.

Independent property commentator Gavin Hegney said the savings were too good to resist. A modern interior with whitewashed walls in the Kerobokan house that is selling for $540,000. Why would you buy a holiday houses in the South West, where prices have gone up 50 %, when you could buy a place in Bali, which has gone down 30 %, he said. Mr Hegney warned prospective buyers to do their research before settling on a holiday home. He advised buyers to employ a lawyer in Australia and Indonesia and study the risks involved in carrying out transactions overseas.

Local builder Tim Gordon added the homes would also need regular maintenance because of the tropical climate.