The Bali property market continues to show strong growth in the first quarter of 2023, with rental properties in high demand. In this report, we will compare the rental market in four of the most popular areas in Bali: Canggu, Seminyak, Bukit Peninsula, and Cemagi-Seseh.
According to the Bali Central Statistics Agency (BPS Bali), the first quarter of 2023 recorded a new high of international arrivals, with more than 350,000 visits per month on average. This is a positive sign that Bali's tourism industry has gone beyond the recovery period and is now moving towards new growth.
2023 shows a positive trend and a similar pattern to the previous years before the pandemic.
Source: BPS Bali
The increase in international visitors is largely due to Bali's successful vaccination program, the easing of travel restrictions, and multiple high-profile international events like the G20 Presidency and the ongoing ASEAN Summit in Labuan Bajo.
The occupancy rate of rental properties in Bali shows a delightful image. The graph shares a similar pattern to the same quarter in the years before the pandemic and massively surpasses the first quarter between 2020-2022.
Canggu has the highest occupancy rate on average, with its rich amenities and robust international activities. Bukit Peninsula is the dark horse as an up-and-coming popular area for development.
Now, let's talk about revenue. This is where the competition between the four areas becomes fierce. Total revenue-wise, Seminyak reigns supreme, but the annual growth of the Bukit Peninsula is surprisingly the highest, despite being the last of the four areas in terms of overall revenue. The Bukit Peninsula saw more than 161% growth annually, while Seminyak, which still holds the crown for total revenue, is in third place at around 122%.
The first quarter of 2023 marks the transition to the "new normal" in Bali's property market, with a growth pattern similar to pre-pandemic years. It's typical to see lower revenue during this period following the peak season.
Among the four popular rental areas in Bali, Canggu had the lowest growth with a decline of 6.38% in Q1 2023, while Bukit Peninsula followed with a decrease of 4.68% in third place. Seminyak topped the revenue growth category with a decline of only 0.95%, while Cemagi-Seseh came in second place with a decline of 2.31%.
Seminyak has the highest average daily rate in Bali, indicating strong interest from visitors in the area. Canggu, Bukit, and Cemagi-Seseh follow with slightly lower rates but still show healthy growth.
Overall, the Bali property market in the first quarter of 2023 is showing excellent growth. International visitor numbers have hit new highs, and the occupancy rate of rental properties is surpassing pre-pandemic levels. Seminyak is still the king of revenue, but the Bukit Peninsula is showing impressive growth. Canggu is the most popular area for renters, with its rich amenities and international activities, while Seminyak has the highest average daily rate.
Looking to invest in Bali property? Explore our extensive catalog of Bali villas located in Canggu, Seminyak, Bukit Peninsula, Cemagi-Seseh, and more. If you would like to learn more about investing in property in Bali, book an appointment for a free consultation with our team of highly knowledgeable agents who specialize in Bali's local property market.
Disclaimer: The data presented in this article on the Bali property market are sourced from independent third-party reports and research. While Bali Home Immo has made every effort to ensure the accuracy and reliability of the information provided, we cannot guarantee its complete accuracy or timeliness. The property market is subject to fluctuations and changes over time, and data may be subject to revisions or updates. Therefore, Bali Home Immo will not be held responsible for any inaccuracies, errors, or omissions that may occur as a result of changes in data or market conditions at a later date. It is recommended that readers verify the information independently and consult with professionals for specific property-related advice