Aussies are eating, praying, and loving their way to the fabled Indonesian island
Sunrise above Ubud, Bali. Image credit: Dean Croshere (Flickr)
For years, Australians have exploited their proximity to Bali, a destination fabled in book and bucket-list, for some beachside fun and perhaps a little self-introspection.
Now Australians are staying a bit longer, thanks to the efforts of several Australian-owned real estate agencies to make deeper inroads into the Indonesian island.
In the inland town of Ubud, Australian real estate agency Ray White has recently opened a branch, an impetus for expatriates to secure homes in a locale that has taken a backseat to coastal areas like Canggu and Seminyak as property hotspots, according to Domain.
Many tourists know Ubud as an important setting for Elizabeth Gilbert’s memoir “Eat Pray Love” and the subsequent Julia Roberts adaptation. It has become the hippest zip code on the island, where one can find Bali’s trendiest chefs and designers.
“Ubud is a very strong market for real estate. And there’s plenty of building going on too. So we think the arrival of big firms could really unlock Ubud for Australians,” I Made Ari Sandya, the principal for Ray White in Ubud, told Domain.
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Sandya explained that the Australians coming to Ubud can be broken down into retirees and young couples, dividing their time between Bali and Australia.
There is one catch though: Freehold ownership for foreigners is largely forbidden in Bali or anywhere else in Indonesia, for that matter.
Although the rule still applies, Indonesian President Joko Widodo in January signed a law that allows expatriates or resident foreigners to buy 30-year “right to use” on property titles. Experts say the new rule has loosened definitions of residency, such that occasional tourists may be able to purchase land under it.
Todd Lauchlan, country head of Jones Lang LaSalle Indonesia, lamented that a full change in foreign ownership legislation has yet to be finalised however.
“I think the biggest impact, in terms of market impact, of allowing foreigners to buy will be Bali. The demand is already there but hasn’t really been satisfied by the current structure. It will also unlock other markets that have previously been under the radar,” he said.
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Source : property-report.com
Read more…Is Bali set for an Australian-driven property boom?
