The property business in Bali will remain promising next year, with estimated overall growth of 15 percent, in line with the positive growth of the island’s economy, the Bali chapter of Real Estate Indonesia (REI) predicted. The chapter’s chairman, Dewa Putu Selawa, said that business would continue to develop and was predicted to record the highest growth compared to previous years.
“One of the main factors that is boosting the property business in Bali is its year-on-year economic growth, exceeding national economic growth,” Selawa said recently. Bali saw outstanding economic performance this year, with annual growth of 6.6 percent, above the average national economic growth of 6.1 percent. According to Bank Indonesia, amid the global economic downturn, Indonesia, particularly Bali, had continued to show strong economic growth with low inflation at around 4.61 percent.
Other factors that would further spur the property business in Bali were the various infrastructure developments currently underway. This had positively affected investors’ confidence, Selawa said. The ongoing projects are the construction of a toll road connecting Benoa, Ngurah Rai International Airport and Nusa Dua, an underpass at Dewa Ruci intersection, as well as the expansion of Ngurah Rai airport. “Low interest rates, at an average of 9 percent, also contribute to the growth of the housing sector,” he added.
According to REI Bali, land prices in several areas close to the city center and in Badung regency were predicted to skyrocket to around Rp 4 billion (US$420,000) per 100 square meters. One of the strategic locations is Sunset Road in Kuta. “Next year, the price of a 100 square-meter plot could reach Rp 4 billion, up from Rp 2.6 billion this year. Last year, the price was still hovering between Rp 1.7 billion to 2 billion,” Selawa said.
In Kuta, Seminyak and Legian, all located in Badung regency, prices are expected to reach around Rp 3 billion to 4 billion for 100 square meters. In some locations in Denpasar, the price has increased from Rp 200 million to Rp 300 million, to now reach 400 million. According to research and field observation conducted by property consultant Elite Haven-Knight Frank in the last quarter of this year, the growth in land prices in various strategic areas in Bali last year reached 43 percent, the highest growth ever over the last 10 years, when the average growth was between 8 to 16 percent.
In the favored areas, like Seminyak, Legian, Petitenget and Batubelig, the average price of land in non-coastal locations recorded growth of 33 to 36 percent during the first half of this year. In Seminyak and Petitenget, the price has hovered over Rp 15 million per square meter, while in Batubelig the price has exceeded Rp 10 million per square meter.
source : bali daily
source : bali daily
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