Bali could become retirement hotspot for cashed up Aussies

davita

How anyone can morph the principle of owning a luxury hi-rise apartment into a retirement hotspot in Bali makes me larf...has anyone seen a luxury hi-rise retirement apartment in Bali? Seems to me like another realtor/politico/Oz jurno's figment of greed and imagination.

balinews

Forget Queensland's Sunshine Coast or the NSW Central Coast, Bali could become the next retirement hotspot for cashed-up Australians. That comes as Jakarta relaxes rules allowing foreigners to buy luxury apartments in Indonesia coming into effect later this year. But, it won't be a free-for-all. The Indonesian government plans to set conditions, including size restrictions, and property that stands on its own block of land won't be included, meaning palm tree-shaded Balinese villas won't be included. Instead the government wants to steer foreign buyers into apartments in new high-rise projects as part of plans to revive growth in South East Asia's biggest economy. Bali remains the nation's favourite holiday destination despite a recent tourism backlash following the executions of drug smugglers Andrew Chan and Myuran Sukumaran. Many Australians also hold ambitions of buying a holiday pad on the resort island. Ray White chairman Brian White described the news as "wonderful" and tipped many Australians to take up the opportunity to own a small piece of island paradise. "As people get to retirement age, they want to know where they can get the best bang for their buck, not just in terms of property, but in terms of lifestyle and cost of living. Asian countries score highly. "Lot of Australians have moved to Thailand and Malaysia. The number of Australians visiting our offices in Bali suggest similar appetite for real estate, but the current ownership structure could not be more unattractive," he said. Bali beckons as retirement hotspot as Indonesia relaxes foreign ownership rules | afr.com

Markit

More to the point has anyone thought how to morph the top floor of a villa into an apartment for sale legally and just give the rest away to the top floor buyer? Wheels turning...

Nydave

Where is this guy getting his numbers from,couple of weeks ago when this change in government policy first came up,5 billion rp was estimated to be $375,000,,now according to this guy its $509,000,,is this what is known as inflation ??,,just another bunch BS,

matsaleh

AU dollars versus US dollars, Nydave.

davita

Nydave wroteWhere is this guy getting his numbers from,couple of weeks ago when this change in government policy first came up,5 billion rp was estimated to be $375,000,,now according to this guy its $509,000,,is this what is known as inflation ??,,just another bunch BS,

Come on Nydave..don't get all nationalistic...there are many dollars in currencies around the world. The article was in an Australian Financial Report.

spicyayam

I am sure people will find a workaround on the "no ground floor" requirement. Maybe by building on stilts. Notaries are probably already making some kind of new contracts.

Nydave

Im shocked at the value of the AUD,for some reason I always assume that Usd,and Aud are closer in value,maybe a couple of hundred Rp difference,never thought it would be Thousands,,thanks for pointing it out,couple of years ago I think around Christmas /New year time maybe 2012 they were both almost equal,possibly the Aud was higher for a short while,i remember a friend of mine from Australia who works in Bali but was always paid in Usd commenting on it one night as we were indulging in our nightly ritual of knocking back some bintangs,,

davita

Only about a year ago both the Canadian and Australian dollars were roughly on par with USD. Both those countries currencies are basically valued on commodity prices which, due to the retraction of Chinese manufacturing, are now low.

Markit

spicyayam wroteI am sure people will find a workaround on the "no ground floor" requirement. Maybe by building on stilts. Notaries are probably already making some kind of new contracts.

Gee, don't you sleep with a lawyer? Leave her alone for a bit and she might come up with something.