A Slice Of Paradise

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lessormore
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A Slice Of Paradise

Post by lessormore » Thu Apr 22, 2010 9:12 am

New laws in Bali from June will allow foreigners to own land in Bali.
Who's up for a slice of paradise?
What effect will this have on the local economy ?
Will this result in real estate lunacy as per much of Oz ,pricing the locals out of the market after they sell off the farm for a quick buck(or rupee)
What price for a prime block on the cliffs at Ulus(or that top secret Rip Curl spot Padang Padang)?
Will Noosa become a ghost town?
Discuss!
Bali legal change to trigger Aussie influx
Maurice Dunlevy, Deborah Cassrels From: The Australian April 12, 2010 12:00AM



Frank Fox has chosen Bali over Noosa for his retirement. Picture: Kelana Lauren Source: Supplied

AN Australian-led housing boom is tipped for Bali because of Indonesian plans to allow foreigners to own property for the first time from June.

With Bali entry level properties starting at about $US200,000 ($214,190), a rush of Australian buyers, especially cashed-up mine workers, is expected.

"The biggest attraction will be the difference in price," said Ray White joint chairman Brian White.

With 600,000 Australians a year visiting Bali, Mr White said the tourist paradise would attract buyers wanting either holiday houses or investment properties.

"The pricing will be excellent, and the location and cultural experiences will be second to none," he said.

The current ban on foreigners owning or renting property in Indonesia can be circumvented by using a local to buy or lease on the foreigner's behalf.



Foreign buyers can also own a property by setting up a foreign direct investment company, but according to Denpasar LJ Hooker owner Suryawan the freehold title reverted to leasehold after 25 years, an unattractive option for Australians.

"Australians just want to step off a plane and buy," Suryawan said. "It's very sad that economic growth has been held back by our laws."

Suryawan said three-bedroom villas, typically 300sq m in size, could be bought for about $US400,000.

Sydneysider Frank Fox has had a love affair with Bali since he began visiting the island in 1973, but it is only recently that he's called the island home.

Travelling back and forth for the past 10 years, the retired, cashed-up 62-year-old engineer had intended to put down roots in Noosa.

Instead, he's putting the finishing touches to a villa he rebuilt several months ago in the south Bali hub of Seminyak.

Gutting the house he secured on a 25-year lease for $US230,000 at Christmas, he built a two-bedroom villa opening to a garden and pool on the 750sq m property.

He paid $US35,000 to extend the lease and a further $100,000 for a total fitout, including a lap pool -- about half the cost he'd be up for in Noosa.

The Indonesian choice also ensures he can afford to keep his Sydney apartment.

Despite the coming reforms, Mr Fox preferred to lease the land. "I don't want to invest too much cash in this country because it's . . . not that stable. The outlay (to lease) is a lot less than buying the land. It means I have much more disposable cash ... I want to travel where and while I can."

Michael Gunawan, manager of Ray White in Kuta, said the economic crisis put the brakes on Australian buying.

"There is not much interest yet, just a trickle."

But he expected the new laws to spark a market rally.

Dominique Gallmann, owner of the Exotiq franchise in Seminyak, said Australians were looking at Bali more favourably as memories faded of the Bali bombings.
Just when you thought life couldn't get any worse-
http://www.youtube.com/watch?v=zUfKnqv2C3k

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Grooter
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Re: A Slice Of Paradise

Post by Grooter » Thu Apr 22, 2010 9:24 am

Sounds to me like a horrible situation for the Balinese supported by a corrupt government

Nothing worse than foreigners buying up vast tracts of land in your own backyard, we're already witnessing it here.

Worst case is that they'll end up homeless in the land of their birth.
smnmntll wrote:my "inner city apartment" is about 3 minutes' walk from the beach
Meanwhile planes drop from the sky, people disappear and bullets fly. Little grey men are coming our way, "Tastes just like chicken", they say :o

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saltman
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Re: A Slice Of Paradise

Post by saltman » Thu Apr 22, 2010 9:34 am

You have been able to purchase or lease land for your own residence in Bali for a long time now.
Not a new law - just a new cycle of development

Gotta Disagree with Hatch - as you can only buy for your own residence not much point individuals buying up vast tracts of land

This has given rise to farmers and land owners being able to realise good amounts of capital that they would never have seen; by leasing or selling off small pieces -usually less than 400sqm
steve shearer wrote:
Wed Mar 21, 2018 3:04 pm
Loof is just projecting again, he's been eating his own semen since the age of 10.

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Grooter
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Re: A Slice Of Paradise

Post by Grooter » Thu Apr 22, 2010 11:49 am

saltman wrote:You have been able to purchase or lease land for your own residence in Bali for a long time now.
Not a new law - just a new cycle of development

Gotta Disagree with Hatch - as you can only buy for your own residence not much point individuals buying up vast tracts of land

This has given rise to farmers and land owners being able to realise good amounts of capital that they would never have seen; by leasing or selling off small pieces -usually less than 400sqm
Okay maybe not vast tracts of land, but even still the land is owned by overseas interests, which has short term gain for farmers and land owners, long term pain for local people as it drives up the costs of housing.

It is a model used all over the world to exploit poor countries (mainly in the past driven by natural resource demands) but in places like Bali where it is more for the natural beauty, it is used to drive local people further below the poverty line as they cannot compete with foreign money.
smnmntll wrote:my "inner city apartment" is about 3 minutes' walk from the beach
Meanwhile planes drop from the sky, people disappear and bullets fly. Little grey men are coming our way, "Tastes just like chicken", they say :o

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Damage
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Re: A Slice Of Paradise

Post by Damage » Thu Apr 22, 2010 2:27 pm

It's same in Curl Curl. North AND south.

:D

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Animal_Chin
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Re: A Slice Of Paradise

Post by Animal_Chin » Thu Apr 22, 2010 8:22 pm

Lots of rich foreigners inflating house prices in Melbourne...
Image

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Lucky Al
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Re: A Slice Of Paradise

Post by Lucky Al » Thu Apr 22, 2010 8:46 pm

hehe, all these rich cunts are going to burn down in paradise!

onawave
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Re: A Slice Of Paradise

Post by onawave » Fri Oct 15, 2010 4:50 pm

what do u guys think of the medewi area? looks like ive got a bit of an opportunity to buy some around there as an shareholder with some other investors / friends....

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dUg
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Re: A Slice Of Paradise

Post by dUg » Fri Oct 15, 2010 5:37 pm

onawave wrote:what do u guys think of the medewi area? looks like ive got a bit of an opportunity to buy some around there as an shareholder with some other investors / friends....
why pay when all you have to do is pretend you've converted to Islam for a few months and marry a local chick? seems to have worked a charm for an ex-freind of mine...

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Re: A Slice Of Paradise

Post by Beanpole » Sat Oct 16, 2010 1:27 pm

Medewi is obviously waiting to have you set up a villa in the middle of their cow paddocks so it can turn into Seminyak.
You never really own anything in Bali but hey you can live the dream one way or another. Personally I'd rent on a long term lease
because thats all your really getting anyway when you buy. Beats a mobile home in a caravan village at Umina as a retirement option
though.

onawave
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Re: A Slice Of Paradise

Post by onawave » Mon Oct 18, 2010 3:22 pm

i want to go check out the area when im next there... but i mate of mine went over and checked out the site, and spoke to the project manager (an aussie guy) and has invested a fair bit of cash....

but never having been there, can anyone who has tell me a bit about it?

sounds quite under developed to me?

bohdidontsurf
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Re: A Slice Of Paradise

Post by bohdidontsurf » Mon Oct 18, 2010 8:32 pm

good luck fellas ... if you ever invest in an emerging 3rd world economy with politically risky governments you need the prospect of a big big return ... not saying youre not going get it but you need to be ok with vaporizing whatever you invest ... my father in law invested ... via a local lawyer in a beautiful property / resort on nusa lembongan and after 11 years he finally got his capital back with just $11k profit (over the whole 11 years) ... a change of government to a more radical Muslim party could mean your "property" is reclaimed with no recourse ... never discount the prospect of political instability unless you can burn whatever you invest and can afford to do it... as attractive as it is I would never do it .. why not rent your Aussie place out and rent something in indo .. the rents here will always exceed over there so it more than pays for itself and your capital is safe back home

mustkillmulloway
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Re: A Slice Of Paradise

Post by mustkillmulloway » Mon Oct 18, 2010 10:25 pm

dinosaur wrote:Forget aussies buying it up. The euro and brazil trash have beat en to it.

i know three familys from...noosa...who have moved all ready :idea:

it's the next big thing and why wouldn't it be

better waves, cheaper live, warmer water and your not surounded by bloody brain dead bronco supporters :idea: :!:

now they need ditch that get out the country every 6 month rule

and in 5 years it be another surfers paradise...or worse...manly :roll:

p.s surfing...is there anywhere with waves it can't ruin :cry:
reginald wrote:Hang on, now all of a sudden I'm the bad guy. How the try again did that happen?

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maraetai
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Re: A Slice Of Paradise

Post by maraetai » Tue Oct 19, 2010 9:04 am

As long as the locals are only leasing to foreigners it is not always a bad thing. Means a lot of infrastructure is put in place (funded by foreigners) which means the local owners can increase the leases when they come up for renegotiation.
Just got back from a trip to Vanuatu. Foreigners can only lease there. No freehold ownership. Is it the same in Bali?

betinho1974
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Re: A Slice Of Paradise

Post by betinho1974 » Wed Oct 20, 2010 3:48 pm


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otway1949
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Re: A Slice Of Paradise

Post by otway1949 » Wed Oct 20, 2010 4:01 pm

betinho1974 wrote:Some article about this issuehttp://www.indosurflife.com/surfnews/86 ... attle.html
That's much better not quite spamming your site , now giving us some real information, thanks :) + of course your site, it is an improvement!
Jaffa, I'm opinionated, and I'm sometimes right. So?

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