Buying as well as also Selling Property in Bali – A Smart Move
Teito Furukawa, a high performing property consultant who has worked in Bali For two main years for Ray White Paradise was asked to answer some questions to give direction to property buyers as well as also sellers in Bali. Teito achieved Premier Performer in 2012/13 with 16 transactions creating him number four in RWP Indonesia. “My success comes by building a relationship of trust with both my vendors as well as also buyers. I try to build a strong relationship by giving them the best service possible,” says Teito. He as well as also his boss have a deep knowledge of the property market in This particular part of Bali as well as also see their roles as not only being there to sell although to advise clients what are the best real estate opportunities available inside the market for their particular needs at any given point in time.
What has been driving a car land as well as also property prices in Bali as well as also what do you see the prospects being over the next couple of years?
Everyone knows property prices have skyrocketed over the past all 5 years as well as also Bali is usually known today among the best property markets inside the entire world. Prices in Bali’s top residential areas have moved up sharply in This particular period, with Bali coming in second, behind only Jakarta, in a newly published survey of the 2012 global luxury property market by Knight Frank, with cost rises averaging 20 percent in Bali, tying with Dubai. Prices in Jakarta as well as also Bali jumped by more than anywhere else inside the entire world last year driven predominantly by a burgeoning middle class in Indonesia as well as also the region who see Bali as still a comparatively cheap although very desirable place to live or have a second home.
I know several vendors who, when they sold their property This particular year, achieved a 20 fold increase in all 5 years, by US$ 30 per m2 in 2008 to US$ 600 per m2 in 2013. as well as also This particular is usually not rare at all. Investors to Bali today come by all over the entire world as well as also demand continues to enhance for all property, although particularly quality property.
Bali is usually a kind of “Cote D’Azur” for Europeans or “Hawaii” for Asians. This particular is usually the perfect domestic as well as also international holiday destination, a short flight by their home, whether in Jakarta, Surabaya, Medan or Perth, Singapore, Bangkok… close yet so different for the family’s second home or holiday retreat.
For the domestic buyer, Bali is usually the best investment island in Indonesia. Property values have risen fast as well as also are seen as continuing to enhance due to a large, expanding middle class with rising incomes who want an escape by its ever more crowded cities. This particular is usually also seeing rising international demand. Bali is usually seen as a safe investment enjoying fast profit growth as well as also a secure capital gain. For the international investor, Indonesia is usually seen as politically stable, as well as also Bali in particular, is usually seen as having a great easy-going lifestyle.
What especially attracts people to Bali?
Bali offers a mixture of a different culture as well as also tradition. Today, you can find almost everything you want or need in Bali. Great beaches, the full range of shops as well as also restaurants, a swinging night life, as well as also its truly multi-cultural population – a harmonious mixture of Indonesian as well as also foreigner. in which’s what makes This particular attractive to everyone. This particular’s very strong, unique culture, partly religious Hinduism, partly friendly, welcoming, Indonesian society, is usually very attractive to many people by all walks of life.
For the foreign buyer, This particular’s also Bali’s location inside the tropics, in Asia, between USA, Australia as well as also Europe. The regional low cost airlines, Air Asia, Lion Air, Jet Star, have also helped a great deal, bringing in many more tourists as well as also brand new residents.
Many Australian families, where dad works in one part of the country as well as also the family lives in another, say dad works in Western Australia as well as also mum as well as also the kids live in one of the east coast cities of Sydney, Melbourne, Brisbane, Canberra, or even Perth inside the west, they have moved as a family to Bali. This particular’s easier as well as also cheaper as well as also a great experience to give kids early on in their lives, which suits the adventure-seeking, outdoors culture of many Australians. The same for business people who work in Jakarta, Singapore or even Hong Kong. This particular’s a tiny island, although has so much to offer the foreigner.
Many foreigners who come to Bali also invest inside the real estate market selling or renting rooms, apartments, villas to tourists. Tourism underpins the success of the property market as an investment, as a business. Many villa complexes as well as also hotels enjoy ROIs of over 10 percent.
Foreigners drive investment in much of the real estate sector. They are attracted by the ability to make a successful business here, whether selling their goods as well as also services abroad or inside the local market.
What in your view is usually the current state of the property market – growing healthily or a bubble?
Our sales inquiry reports over the past three years show an average rate of increase in demand of between 20-50 percent in favorite areas. I believe 2013 as well as also 2014 will be shown to have been an excellent period for those who invest inside the right property. ASEAN’s “Open Skies” policy starts in 2015 as well as also projections are in which visitor numbers to Bali will at least double over the subsequent ten years to 2025. This particular is usually the main reason we have a brand new world-class airport complex at Ngurah Rai costing US$ 290 million opening in September.
Finally, what advice might you give to prospective sellers as well as also buyers about preparing for the process, what documents they need to have ready for a land or house sale as well as also what role you play inside the marketing?
Any seller needs to get their house ‘ready to sell’ which means getting everything definitely fixed up as well as also to make the property as desirable as possible to a potential buyer. They also need to contain the following documents (for freehold as well as also leasehold):
For land
Copy of land certificate plus land lease agreement (only for leasehold land)
Copy of SPTT / PBB – showing in which Land Tax has been paid
Copy of passport / ID / KTP of each owner mentioned on the land as well as also lease certificate
For House
Same as above
Copy of IMB – building permit specifying dimensions as well as also materials
Receipt of the construction tax (if applicable)
List of any items (fixtures/fittings) in which are not included inside the sale
Our role, as a registered real estate agent, is usually then to put the property ‘on sale’ at a realistic cost. If sellers follow This particular advice, you can expect to sell within three to six months, particularly at This particular time of the year when people are looking to move to a particular area for their children’s schooling.
Happy house hunting!
Comments
Buying as well as also Selling Property in Bali – A Smart Move
Buying as well as also Selling Property in Bali – A Smart Move