Bali’s Economy Soars Post-Pandemic, Boosts Property Sector

Bali's Economy Soars Post-Pandemic, Boosts Property Sector
Bali's Economy Soars Post-Pandemic, Boosts Property Sector (photo: envato elements)

Bali, often referred to as the Island of the Gods, is experiencing a significant economic resurgence post-COVID-19 pandemic. Since 2021, Bali’s economy has seen remarkable growth, with the hotel and tourism sectors reporting a 75% increase in occupancy rates. This impressive recovery has sparked considerable interest in property investments across the island.

According to the Bali Provincial Statistics Agency, international tourist arrivals in February 2024 reached 454,801, marking an 8.28% increase from January’s 420,037 visits. This surge underscores Bali’s renewed appeal as a top travel destination.

Mid-March 2024 brought further accolades for Bali as it was named “The Best Island” in the DestinAsian Readers’ Choice Awards. This recognition was based on votes from loyal readers of DestinAsian, a renowned international travel magazine circulated in Asia-Pacific countries, including Singapore, Thailand, Hong Kong, Malaysia, and Australia.

Prisca Edwards, CEO of Investera Australia, emphasized Bali’s enduring allure for international travelers. “Moreover, the island’s tourism development is expanding towards the western and northern regions, such as Seseh, Kedungu, Cemagi, and Tabanan. This expansion presents significant growth potential,” she stated on Monday (10/6).

Edwards noted that these developments have made villa-type properties highly desirable to investors. “Bali’s property industry is undergoing a transformation, with the Neo-Luxury trend creating a new niche market,” she explained.

Read also: Labuan Bajo Targets Higher Tourism Growth with Government Support

Johannes Weissenbaeck, Founder and CEO of OXO Group Indonesia, shared his pride in the successful sales of OXO The Residences. “This luxury residential project, in collaboration with Alexis Dornier, reflects OXO Group’s core values of freedom, both financially and in lifestyle experiences,” he said. “It’s an extraordinary achievement, a milestone not only for OXO Group Indonesia but also for the luxury property market in Bali.”

OXO The Residences offers 40 neo-luxury villas on a 2-hectare plot, complete with communal facilities for residents. Located adjacent to Nuanu City, this project is set to become a premier destination in Bali, following the popularity of Canggu, within the next 2-3 years.

“What distinguishes OXO The Residences from other properties is its embodiment of Neo Luxury Living,” Weissenbaeck highlighted. “This concept emphasizes luxury through values, design, practicality, experience, and sustainable living, rather than just the use of premium materials like marble.”

He further added, “Residents of OXO The Residences will enjoy access to Nuanu City’s facilities, such as ProEd Global School and Luna Beach Club, both just a short walk away.”

Nuanu is being developed as a 44-hectare creative city, reflecting the Balinese philosophy of Tri Hita Karana, which emphasizes harmony among people, nature, and spirituality.

Currently, OXO Group Indonesia has developed and owns around 30 properties in Bali, valued at approximately Rp700 billion. These properties include private residences, villas, townhouses, co-working studios, resorts, and a 20-meter yacht in Komodo National Park.

In conclusion, Bali’s economy post-pandemic is evident in its thriving tourism and booming property investment sectors. With strategic developments and continuous support, the island is poised to sustain its growth and attract even more visitors and investors in the coming years.