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Making Tracks in Bali. Property Prices in Bali's Capital of Denpasar Double over Past Year. (9/6/2014)

The chairman of the Bali chapter of Real Estate Indonesia (REI-Bali) I Gusti Made Aryawan views property prices in South Bali overinflated following an increase of as much as 70% over the past year.

As reported by Bisnis.com,  Aryawan blames escalating real estate prices on the strong desire in the market to own a piece of land in Bali in the face of the limited amount of land available to purchasers,

Quoted on Wednesday, September 3, 2014, Aryawan said, "Because ownership of land here (Bali) is viewed by some people as a matter of personal prestige, in the end these people will purchase land at any price asked."

The REI chairman said it has now become difficult to find land in Bali's capital of Denpasar selling at Rp. 300 million per are (US$26,000). An areof land is equal to 100 square meters. Land in Denpasar prices lower than Rp. 300 meter per can only be found in areas bordering on other regencies, such as Gianyar.

On the average, a low-cost residence with 36 square meters of floor space on a one are plot (100 square meters) is now selling for Rp. 600 million (US$52,000).

Aryawan warned that if the current situation continues unabated the real estate price surge in Denpasar will be duplicated in other regions of the Island. See more - balidiscovery.com

 

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