There seems tobe alot of villas coming up for sale in the notth of bali. Could anyone shed a light on the reason why?
TIA
Vin
Villas for sale North Bali
32
3187
The main reason is the simple economic principle of supply and demand. A lot of development has been going on in the Lovina area for quite a number of years…the past 15 years at least. Much of that villa development was purely by speculation/investment.
Another contributing factor is that the “Russian wave” which was going on in earnest several years back has slowed down considerably. Same goes for the “Dutch wave” which actually started the Lovina villa market.
All over Bali it's a “buyer's market” right now…yet I am amazed to see that new villa development actually hasn't slowed down all that much. To some degree it has, but not to the degree one might expect.
A final reason is the crackdown by all regencies to have these villas licensed as commercial, (when the owner is not a permanent resident), and taxes paid.
32
Thxs Ubudian,
Appteciated, i am in a quandary as to lombok or bali north, as i like the idea of a reasonably developed and settled area to reside in., when i make my move to Indonesia.
Cheerd
Vin
3187
Hi Vin,
I don't want to sound like an alarmist, but if your plan is to take over an already built villa and an existing lease, be sure to be careful and to do your homework. This is especially important if your lease is going to be long term, and you are paying for that lease up front for the full duration.
Many of the villas up in Lovina were “sold” on the old “nominee” basis, and this sort of arrangement is no longer legal here. So, have your lawyer or notaris look into converting the current Hak Milik deed (in the name of the “nominee”) to a Hak Pakai lease and you'll be protected.
Also be sure to investigate if there are any current outstanding issues with that property and the local banjar. It is always a good idea to meet with the head of the village (kepala desa) and be sure there are no “lingering bad issues.” These issues can be anything from a dispute over access, use of the land, or failure of the prior occupant to donate monthly for the local temples. My point is simply this…you don't want to take over a prior occupant's bad karma.
You might also consider hiring a really good tukang (local contractor) to give the place a very thorough examination. He can check the condition of the plumbing, wiring, septic system, water source, as well as structural issues. Many countries have very tight real estate laws which require full disclosure of such matters by a seller, but that isn't the case here.
Cheers, and good luck!
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