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].
Recommended
6 of the exciting areas to visit in Lipa, Batangas (PH)
With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star
Ok, boomers, Gen X’ers: Where are they now in their property journeys?
Ageing societies in Southeast Asia mean that catering to the requirements of mature investors will be a key challenge for developers
Residential renaissance: Branded residences shine bright amidst pandemic property plight
Branded residences saw an upsurge in interest during the pandemic with investors lured by access to luxury hotel amenities and services
Conversational AI, the brains behind intelligent virtual assistants
Nick Myers, CEO of RedFox AI, and Tina Ryan, podcast and events host, chat about chatbots and conversational AI, an ethical innovation for the people