Fantastic Article over on Bloomberg Business.
The world’s hottest island property market is about to get even hotter.
Prime residential prices on Bali, known for its surf and rice-paddy landscapes, surged 15 percent last year, the most among comparable destinations tracked by broker Knight Frank LLP. The cost of villas on the Spanish island of Ibiza climbed 5 percent and in Italy’s autonomous region of Sardinia, they slid 8 percent, the report said.
Bali’s gains are set to continue as the Indonesian government begins to discuss this week revising rules to allow foreigners to directly own luxury apartments in the archipelago, with hopes of implementing changes within two to three months. Nathan Ryan, owner of property brokerage Bali Realty, expects interest from China and Singapore once the revisions are made.
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