2024
MARKET REPORT
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EXECUTIVE SUMMARY
Welcome to REID’s 2024 Annual Market Report! The following report presents a comprehensive overview of all property data catalogued, authenticated, and analysed throughout 2024, highlighting key trends and market dynamics shaping Bali’s real estate landscape.
This year’s data reflects a market in transition, shaped by shifting buyer preferences, evolving development trends, and increasing supply competition. While overall price movements remained steady, underlying trends reveal a clear tilt towards smaller assets, changing dynamics in both sales and rentals, and regional variations in growth.
Key Observations from 2024:
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Smaller asset demand continued to rise, with one- and two-bedroom sales increasing by 37% and 12%, respectively, while three-bedroom sales declined by 16%.
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Market-wide property prices increased by 4.9%, with growth primarily driven by select high-performing regions.
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Short-term rental occupancy dropped by 4.5%, largely due to rising supply, though professionally managed assets outperformed the market with higher occupancy and daily rates.
Bali’s real estate landscape continues to mature, with certain segments outperforming others. Demand for compact leasehold properties strengthened, while freehold assets remained largely stable. The short-term rental market faced pressure from rising inventory, yet professionally managed properties showed resilience.
Read on as we break down these trends in more detail, offering insight into the forces shaping Bali’s property sector over the past year.
For previously released publications, visit our Market Reports page, and for any unfamiliar terminology, refer to our Glossary of Terms.
Happy reading!
2024 IN REVIEW
MARKET DEFINITION
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Across 2024 Leasehold properties expanded from 72.9% in 2023 to 77.7%, a 6.6% relative increase, signalling a continued growth in market preference.
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H1 2024 saw leasehold market share at 75.3%, rising 3.2 percentage points in H2, highlighting an uptick in demand through the year.
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The overall 4.8 percentage point gain, points to a growing trend across the past 24 months, with no slow down in sight.
SUPPLY AVAILABILITY
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Supply availability reflects the status of market supply, with 36% of properties in 2024 categorised as off-plan.
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Breaking it down further, villas remain the more stable segment, with 30% of supply classified as off-plan. In contrast, the apartment sector shows higher activity, approaching a 50% share of off-plan projects.
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For context, in emerging markets, an off-plan share between 30-50% is generally within expected ranges.
SUPPLY BY CATEGORY
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The bedroom category reflects ongoing market shifts. In 2023, leasehold three -bedroom properties held the largest market share at 30%. By 2024, the leasehold two-bedroom category grew by a relative 15%, becoming the dominant segment at 32%.
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The shift toward smaller leasehold assets is evident, as all leasehold categories with more than four bedrooms saw relative double-digit declines.
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Meanwhile, freehold categories remained relatively stable throughout 2024.
PROPERTY PRICE DISTRIBUTION
SALES VOLUME
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Sales volume in 2024 followed a similar trend to market supply, with demand shifting toward smaller asset categories. Three-bedroom sales declined by 16%, while one- and two-bedroom sales increased by 37% and 12%, respectively.
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Several factors may have influenced this shift in buyer dynamics, including investment trends, purchaser demographics, new supply availability, and affordability considerations.
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Meanwhile, four-bedroom and above categories remained stable throughout 2024.
MONTHLY SALES VOLUME
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Sales volume fluctuated throughout the year, with a standard deviation of 2.1 percentage points.
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The first half of 2024 saw strong performance, contributing 53% of total sales, with Q1 alone accounting for 28.7%.
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In contrast, activity slowed toward the end of the year, with Q4 representing just 20.8% of total sales.
SALE PRICE CHANGE
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Bali’s property market saw a 4.9% price increase across all segments in 2024, with both leasehold and freehold assets recording positive growth of 3% and 13%, respectively.
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Despite increased demand for smaller assets, the three- and four-bedroom categories registered the highest price growth, both achieving double-digit increases.
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Market expansion was primarily driven by strong performance in North Badung and Tabanan.
AVAILABILITY SALE PRICE
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Despite making up only 36% of the market, off-plan projects performed strongly across multiple categories, particularly one- and two-bedroom properties.
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On average, available projects outperformed off-plan projects by 18%, though this was largely driven by sales of larger, high-end assets.
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While this trend benefits developers, buyers and investors may consider whether higher off-plan prices offer the best value, as alternative opportunities may exist in the resale market.
TOTAL SALES VALUE
PRICE PER SQM CHANGE
PROPERTY SIZING
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The average property size in Bali declined by 2.4% in 2024, reflecting the ongoing market shift towards smaller assets.
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Leasehold one-bedroom properties saw a decline of over 6%, a trend that may be partly influenced by the increasing number of apartments entering the market.
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The rise in smaller asset sizes was a key factor in the 4.8% increase in price per square metre across 2024.
REGIONAL PROPERTY SIZE
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Examining individual property categories across Bali’s regions highlights a clear trend of decreasing property sizes. Properties marked in PINK indicate a reduction in average size compared to 2023.
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A significant 64% of neighbourhood categories experienced a decline in property size, reinforcing the broader market shift towards smaller assets.
RENTAL PROPERTY SUPPLY
RENTAL OCCUPANCY
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Bali’s rental market experienced a downturn in occupancy throughout 2024, seeing a relative decrease of 4.5%.
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Only two months—May and November—outperformed their 2023 counterparts, while January and February saw relative double-digit declines.
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The increase in rental supply was a key factor in lower occupancy rates, as renters had more options available.
RENTAL MANAGEMENT
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Just over 36% of Bali’s rental market was professionally managed in 2024. With increasing supply and competition, this share may shift in the coming years, particularly given the performance of professionally managed assets.
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In 2024, professionally managed properties outperformed the broader market, with occupancy improving by 6% and daily rates increasing by over 60%.
LEASEHOLD
LAND 2024 INSIGHTS
As previously reported by REID, North Badung remains the leading land market.
In 2024, leasehold prices in North Badung stood well above the market, largely influenced by available supply and zoning restrictions. Meanwhile, Tabanan and South Badung recorded strong median price growth over the year.
Freehold markets remained relatively stable, with premium assets in Central and North Badung maintaining higher values, again driven by supply factors.
Across the market, the median freehold price per are is, on average, 55 times the annual leasehold price per are.
FREEHOLD
PRICES SHOWN IN IDR AS MOST COMMON TRANSACTED CURRENCY
2024
MARKET REPORT
The 2024 Annual Market Report provides a high-level snapshot of Bali’s real estate trends and performance over the past year, capturing key movements in sales, pricing, and rental markets.
If you found this report useful and would like to explore further insights, visit our Market Reports page for additional data-driven analyses. REID offers tailored solutions for those seeking deeper insights and strategic guidance. Whether you are an investor, developer, or property owner, contact us to explore how we can assist with your real estate objectives.
Thank you for reading, and we look forward to bringing you more market insights in the future.
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