Mar 06, 2013 | Comments 0
by Samantha Coomber
Bali?s real estate sector is experiencing feverish land-buying and property development, predominately in the island?s southern region,which is already the most congested, developed area.
Recent Bank Indonesia figures suggest Bali?s economy will grow 6.6 to 7.1 percent in 2013 and the Bali Chapter of Real Estate Indonesia (REI) said the island?s property market also remains promising, with an estimated 15 percent growth expected on the back of the holiday island?s economic expansion. Hotel supply has reached unprecedented levels, especially in tourism strongholds like Nusa Dua and Kuta due to rising visitor numbers and an anticipated occupancy surge triggered by the Asia-Pacific Economic Cooperation (APEC) Summit in October this year. Figures from Indonesia?s Central Bureau of Statistics (BPS) indicate more than 3,400 additional hotel rooms were added in 2012, with another 4,700 rooms slated for 2013, and a further 4,100 rooms from 2014 to 2016. In total, some 12,000 plus new rooms are expected by end of 2016.?
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Filed Under: Indonesia ? Issue 102 March 2013 ? Magazine ? News by Country
Source: http://www.property-report.com/leading-edge-growing-pains-on-bali-28477
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