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Bali Real Estate Newsletter News & Views that you can use
Continued from Bal Real estate News & Views August 2003 Bali, July 31, 2003 As we pointed out over the past few weeks “the tourists are back in full force”. One only needs to watch the amount of take-off’s and landings at the Ngurah Airport to conclude that incoming traffic has increase dramatically. We are pleased to say that a month ago, while most locals were predicting gloom and doom, we forecast that “there would be a huge increase in tourist arrivals starting in the first week of July”. We now predict that August will see a 25% to 30% increase over July. "August will see a 25% to 30% increase over July". This forecast is not based on exhaustive research from hotels and travel agencies, but just on a gut feeling that the best advertising in the world, which is word of mouth, will bring a lot of unexpected guests in the next few months. Most of the tourists that are returning home now after 10 to 14 days in Bali will be asked by their friends and relatives “ how was Bali, was it scary?” The response will be “we never felt more secure, the weather was beautiful and the Balinese very friendly. The bargains were unbelievable with $ 2.00 meals, $5.00 massages and $.80 cent beers. The main attraction of course is the cheap airfares. One of our clients flew round trip to Kula Lumpur for under $100.00. We are hearing of packages from Australia for under $300 and from Germany and England for under $600.00. We mention tourism in this Bali real estate article because real estate demand and prices are directly proportional to tourism arrivals. As the first wave of the renewed tourism prepares to return home, they start to day-dream about living part time or full time on a paradise island such as Bali. Business people and investors can’t help but contemplate the fact that they see a lot of potential in Bali and wonder, if there is someway that they can own investment rental property in Bali. Martha tells George (hypothetical tourists) that they should buy a place in Bali and rent it out when they are not here. As they begin to ask questions about prices and ownership, they are discouraged when they discover that foreign individuals cannot own land in Indonesia.
"foreign individuals
cannot own land in Indonesia." There are several legal methods around this around this issue.
One popular method is
whereby an Indonesian citizen holds the interest in the property as a
nominee on behalf of the foreigner, and the title will be made out in the
Indonesian's name.
These include but are not limited to, (1) A Purchase Contract for the property, transferring the rights from the previous owner to the nominee. (2) A Loan Agreement for the purchase between the investor and the nominee.
(3) A irrevocable and transferable Power of Attorney to sell, transfer or
otherwise dispose of the property and to represent the nominee in any
dispute regarding the property, given from the nominee to the investor.
In essence, the Indonesian is owner in name only. To the best of our knowledge, those who have utilized this type of purchase, when set up with a professional attorney and notaries have had no problems. The fees for setting up a nominee system may vary from 1% to 2 % of the value of the property. Leasing of land does not require a nominee and is very easy. Land is normally leased for 20 to 25 years with an option to extend. The old saying applies to foreign ownership as to most business ventures "if it was easy, everyone would be doing it’. "if it was easy, everyone would be doing it’. The fact that it takes some time and expertise has curtailed large speculation of Balinese property keeping prices at a small fraction of similar properties on other major tourist islands around the world.
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©BALI REAL ESTATE AGENTS AND developers a Division of Pt,. Rasa Bali Murni. "where dreams become reality" Jl. Kesari , Gang 1 , 8 b. Sanur, Bali , Indonesia Telephone: 62-361-284069 Fax: 62-361-270143
Bali Real Estate Web Site last update Apr Friday,11 2003 Disclaimer: The information listed on this and all attached web sites is considers true and reliable at the time of publication. We reserve the right to change information and prices without notice. We do not guarantee the information or predications stated herein. Readers reviewing this information must understand that real estate may, and has decreased in value and we do not guarantee future prices of any real estate. Co. copyright © 2002. All rights reserved. Use of, or publication of any text or images published on this or any associated web pages is prohibited with out express written permission of the owners of Pt. RASA BALI MURNI.
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