Buying condos and apartments in Bali
New low-rise condos are cropping up everywhere
Bali is synonymous with an exotic image of luxury beachfront villas but recent years have seen an explosion of new apartment and condominium developments, especially in the desirable south coast resorts. Apartment living is tailor-made for a flexible lifestyle, where you can just ‘lock up and leave’ and have no worries about security, maintenance or cleaning.
Most apartment resorts boast all the amenities you can expect from four and five star hotel resorts such as swimming pools, spas, dining and entertainment. Accommodation options are varied from compact studios to spacious duplex condos with three or four bedrooms. All feature fully equipped kitchens and dining areas and space to lounge or work. This is becoming the favoured option for young expat couples and for an increasing number of seniors who choose to spend their retirement in Bali. There are even one or two developments exclusively for over 55s.
Most properties benefit from resort style facilities such as daily maid services, 24 hour security and property management when you are not on site. This can help protect your investment and produce a tidy rental income. There is enough variety across Bali to satisfy most budgets and the up and coming tourist enclaves of east Bali still have properties for under US$50,000.
Apartments and condos are sold on a leasehold contract which offers the easiest and most secure route to home ownership in Bali. The freehold to the land the property is built on is held by the developer and ‘leased’ to the purchaser for a renewable term of up to 45 years. Normally, under Indonesia law, foreigners are forbidden from owning freehold land in their own name.
The Kuta, Legian and Seminyak area is still the favoured choice for new developments and there are always perhaps a dozen new developments being constructed at any one time. Jayakarta Hotel (Jalan Werkudara, Legian, Tel: +62 (0)361 751433) is one of the original pioneers in this type of accommodation and features a range of spacious owner occupier apartments which are suitable for families. In fact most of Legian’s large beach front properties have a selection of leasehold apartments for sale along with more conventional hotel accommodation.
Lots of Bali condos come with luxurious pools
The best value to be found now is undoubtedly in the east of the island which has only just seen the first flush of private boutique villa and apartment resorts.Bali Palms (Jalan Raya Candidasa, Tel: +62 (0)363 41003) offers fully equipped studio and one bedroom apartments with prices starting at just US$29,000.
Likewise there are a few independent real estate agents popping up on the east coast which will offer more impartial advice and information rather than enquiring direct at individual condo resorts. Bali Living (Jalan Raya Candidasa, Tel: +62 (0)81 3376 11011) is an expat-run business with coverage throughout east Bali from Padang Bai to Amed.
Most places charge annual management and maintenance fees to cover upkeep and marketing and any new home owner may get an initial period at half price or even free for the first year. Any increase in fees are usually in line with inflation which in a country like Indonesia can be volatile. If buying a unit off plan, always double check what is included in the final purchase price. Many places will put you in touch with their preferred notary for the legal paperwork, but always shop around first.
Before committing yourself, always keep in mind any future plans and discuss in depth the possibility of selling your property at a later date on the open market. Some developers have very stringent criteria for resales and there is often a qualifying period before this is permissible.
