Bali property prices crash by up to 50 per cent with a 14-bedroom house going for just $540,000 – but there’s a big catch for prospective buyers
- Bali house prices were sent tumbling with homes selling for 50 per cent less
- Luxury homes with resort-style pools and views of beach being sold for bargains
- Real estate agents revealed the low prices come with one catch for buyers
Bali property prices have plummeted by up to 50 per cent with a 14-bedroom home going for as low as $540,000.
The Covid-19 pandemic has hit the property market hard and sent house prices tumbling to historic lows.
Luxury homes with resort-style pools and views of the beach are being sold for 30 to 50 per cent lower than the asking price during pre-Covid-19.
The bargains come with one catch: buyers must purchase the property sight unseen, The West Australian reported.
Luxury homes with resort-style pools and views of the beach are being sold for 30 to 50 per cent lower than the asking price during pre-Covid-19 (pictured, a four-bedroom villa at Ulawata Beach is currently going for $340,000 – down from $440,000 the year before)
White-coated brick walls, pristine tiled floors and luxurious bedroom inside the property at Ulawata Beach
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 14-bedroom house at Taman Sari in Kerobokan is now on the market for $540,000 after dropping down from $785,000
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 per cent, when you could buy a place in Bali, which has gone down 30 per cent,’ 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.
A three bedroom and four bathroom property at Jimbaran is fetching $892,000 after the price was slashed from $1.1million
A luxurious resort-style home at Jimabaran in Bali has hit the market for $892,000
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