Bali’s residential and life sciences real estate segments gain momentum

Bali could be the future home of a genomic data research centre

VietnamPlus reported that Bank Indonesia (BI) expects Q3 economic growth to reach 5.5 percent YoY.

BI’s governor Perry Warijyo mentioned that during this period, there were many improvements in terms of consumer confidence, retail sales, and the Manufacture’s Purchasing Managers’ Index (PMI). According to him, these factors are retaining momentum.

In Q2, the country’s GDP expanded at a rate of 5.4 percent YoY, up from Q1’s five percent YoY.

More: Indonesia’s economy stays afloat despite global challenges

Meanwhile, due to changing work arrangements and the new second-home visa scheme brought by the pandemic, Bali’s real estate scene is gaining traction, according to Business Insider.

As life gradually goes back to normal, foreign travellers have set their eyes on Bali. The province, by the end of the first half of 2022, has welcomed 371,504 international tourists.

Nathan Ryan, founder of Bali Realty, mentioned that a factor that is driving most of the expats to look for residences in Bali is that they are making the most of the remote work arrangement, as they are also bringing their families along.

According to Marc Hirte, co-founder of Bali Real Estate Consultants, rising prices and shorter leases have also fuelled housing demand among those who originally planned to rent or had been renting homes.

“The supply index for Bali residences in the third quarter of 2021 is increasing by about 40.8 percent YoY, which could elevate the supply situation in view of the better residential buying momentum,” stated Victoria Garrett, the head of residential for Knight Frank Asia Pacific.

Additionally, in a report by ANTARA News, Bali could be the future home of a genomic data research centre. Health Minister Budi Gunadi Sadikin noted that this initiative was intended for boosting health innovations, as there was a need to improve the current health architecture. 

“The development of this international (health) architecture center is in line with the Kerthi Bali economic roadmap conveyed by President Joko Widodo. The President emphasised the importance of economic diversification in Bali so that it does not only depend on the tourism sector,” said Sadikin.

The Property Report editors wrote this article. For more information, email: [email protected].