Restrictions on travel from overseas during the COVID-19 pandemic have dealt a serious blow to the tourism industry. Bali is one of the small islands that are almost entirely economically dependent on the tourism industry. The good thing is, Bali development has re-emerged after the reopening of domestic and foreign travel without having to quarantine.
The influence of the tourism industry on villa development Bali
The changing nature of office work during the pandemic is the biggest factor projected to increase housing in Bali. The domestic work from the Bali program is one way to improve the economy during the pandemic. Villa development in Bali received a drastic direct impact during the pandemic. The termination of the home construction and villa development process in Bali is very detrimental to many parties.
The number of cases of the COVID-19 pandemic in Indonesia has decreased drastically. This has a huge impact on tourism in Bali because the door is opened for foreign tourists. This is a sign that Bali’s tourism journey is on its way to full recovery.
The opening of the door for foreign tourism has had a very positive impact on Bali villas and home construction. Domestic and foreign investors again showed a positive response to re-invest their capital in Bali. Home construction and villa development in Bali are one of the investments considering that Bali is ranked as the 370th cheapest place to live out of the 589 largest cities in the world.
Builder Bali & A Guide to building villa
Building a villa in Bali will be very complicated without professional guidance, especially for foreigners. Indonesia has complicated land tenure regulations and investment requirements. Foreign investors will really need the help of a Bali construction company that is able to help them handle all the construction, design, and document processes needed. Let’s check a guide on how foreigners buy land and build a villa in Bali.
Establish a PT PMA
Establishing a foreign-owned company is the only legal entity that allows foreigners to run a business or own property. Given that the property market in Bali continues to grow, it is very important for foreign investors to build a healthy property portfolio and earn more income. Property ownership for foreigners must of course fully comply with the applicable property laws & regulations in Indonesia.
Identify suitable land locations
Although Bali is a relatively small island, the price of land in each area will vary. If you want to invest in a developing area, land prices in the Canggu & Seminyak area range from 600 million to 1.5 billion per 100 square meters. As for remote areas, you can get land with prices ranging from 100 million – 375 million per 100 meters.
Get your land in Bali
There are numerous types of land titles and ownership in Indonesia that foreign investors considering building a villa in Bali should be aware of. Real estate agents and private landowners will typically refer to leasehold or freehold property. Contact one shop Bali construction company that is ready to help with all the land purchase processes, notaries, and the required document processing.
Looking for a project manager
Villa development in Bali requires a lot of time, capital, and professional construction management skills. Bali developers will be very helpful if the project has to be completed within the allotted time. The goal is to meet cost constraints and quality requirements.
Building Permit
Property development in Indonesia requires an IMB or building permit. An Izin Mendirikan Bangunan, or IMB, is a legal permit that allows buildings to be built in Indonesia. Before obtaining one, you should research spatial planning and land zoning regulations in the area where your building will be built. This is due to the fact that certain lands or zones only permit specific building uses. The IMB permit is being phased out and will be obsolete by January 2022, when it will be replaced by PBG and SLF permits under the new Omnibus Laws, which are overhauling and regulating Indonesian legislation under the administration of President Joko Widodo.
Looking for a professional contractor
You can trust not all Bali contractors to build your house or villa. A professional contractor must be able to provide timely service, work within budget and meet high standards. The mistake of choosing a contractor will lead to an increase in the budget for the construction of your house or villa.
