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Bali is one of those locations where dreamers come to create a life that they choose, not the one they have been assigned at birth. Many people initially come to Bali to visit, but then fall in love with the island and decide to make more long-term plans to thrive here.
Investing in real estate is the best way to ensure a future-proof life in Bali. And what’s a better investment than in yourself?
Building your own villa in Bali is a dream for many successful people all over the world – but it doesn’t have to be a dream. At 888Design & Build we can assist you by turning those dreams into a reality.
It’s important to state that building a villa in Bali is not a walk in the park. If you are serious about Bali property investment, then ensuring that you thoroughly understand the ins and outs of villa construction costs in Bali is paramount. Improper understanding of the financial aspects of a villa build can lead to many undesired outcomes such as incomplete projects.
This article will inform you, in detail, of the risks, rewards, feasibility and in-depth financial aspects of building a villa in Bali with 888Design & Build. Let’s get into it.
Understanding the Basics of Building a Villa in Bali
The popularity of Bali for villa construction is there for everyone to see, with new properties cropping up left, right and centre each year. The rapid economic and infrastructural development of the island is largely due to the ongoing influx of luxury tourism Bali receives. Digital nomads, business owners and vacationers are flocking to Bali in record numbers – over 540,000 tourists visited last July (2023) alone.
If you want to take advantage of this Bali tourism boom, and accommodate tourists with your own villa, then understanding the key factors of Bali villa construction is a good starting point.
Preliminary considerations for building in Bali include:
Legal Structure:
Establish a PT PMA or Foreign Owned Company to lawfully own property as a foreigner.
Location and Land Acquisition:
Location selection for your villa in Bali and land acquisition method.
Villa Specifications:
Establish roughly how many sq metres your villa will be, the number of bedrooms/bathrooms you want and if you want other features eg a swimming pool.
Professional Team:
Consider how you will gather your professionals. You’ll likely need an architect, project manager, contractor and numerous builders/labourers.
Project Timeline:
How long the total construction will take from start to finish.
Budgeting:
Budget for unexpected and additional costs such as issues or interior decoration.
The Appeal of Villa Building in Bali
The number one factor enticing over 400,000 tourists per month to visit the island is the natural beauty of Bali. The island’s natural beauty is so incredibly diverse and intense. Everything from stunning waterfalls and exotic wildlife to beautiful beaches and magnificent volcanoes can be found here.
Bali is a whole lot more than sun, sea, surf, and sangrias on Instagram though; it is a mixing pot of global cultures, with a rich Balinese and Indonesian backbone.
Western influence and modernity are undoubtedly growing in Bali, with many Europeans, Americans and Australians settling here year by year. The cultural allure for property investors is predicted to rise in the near future as the tourist boom shows no signs of slowing.
The investment potential of construction in Bali is perhaps the most alluring reason to begin a build here. According to the IMF, Indonesia’s, GDP is one of the fastest growing in the world at 7.7% (largely thanks to Balia). Bali’s economy is steadily growing. The Balinese government is optimistic for 2024 and actively supports the development of infrastructure.
