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BUYERS REPORT

Q3 2023

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EXECUTIVE SUMMARY

Welcome to REID's Q3 Buyers Report! The following is an overview of the properties analyzed by REID in Q3 of 2023. The first of our four-part Q3 reports, the data selected is geared towards buyers. In Q3, there were over 7,000 properties for sale, and more than 52,000 properties for rent, and a total rental revenue of $389 million for all of Bali. Notably, occupancy rates across the island increased by 5%. In the upcoming pages, we will delve deeper into this market data and zoom in on specific regions and neighborhoods carefully chosen by REID.

MARKET
DEFINITION

  • In comparison to the first half of 2023, the leasehold property market share in Q3 has stayed consistent. 

  • Given the significance of the leasehold market, our Q3 Buyers Report will predominantly focus on the data around this property type.

  • This report will analyze over 5,400 leasehold properties and over 2,200 freehold properties.

5,400+

LEASEHOLD PROPERTIES

2,200+

FREEHOLD PROPERTIES

71 % 29 %

LEASEHOLD PROPERTIES

FREEHOLD PROPERTIES

MARKET SUPPLY
BY SIZE

  • Over the course of Q3 the most common size for both leasehold and freehold properties on the market was 3-bedrooms, which made up 31% of the market. 

  • Properties of 2, 3, and 4-bedroom sizes made up 75% of the leasehold market. 

  • As size increased, so did freehold market share (from 12% for 1-bedrooms up to 57% for 6+).

1-3 BEDS 3+ BEDS 68 % 32 %

LEASEHOLD SUPPLY

1-3 BEDS 3+ BEDS 49 % 51 %

FREEHOLD SUPPLY

500 1,000 1,500 1 BED 2 BED 3 BED 4 BED 5 BED 6 BED 6+ 597 1,395 1,722 1,008 475 111 138 81 345 660 511 319 129 180 LEASEHOLD PROPERTIES FREEHOLD PROPERTIES

LEASEHOLD SUPPLY
BY REGION

  • As REID suspected in our last report, established regions like North Badung, Central Badung, and Gianyar stabilized in market share. 

  • Interestingly, developing regions like Mengwi and Tabanan also remained the same, indicating market stability. 

  • Due to the overwhelming amount of data in Badung (83% of all leasehold supply), REID dissects this regency into 4 smaller regions – North Badung, Central Badung, South Badung, and Mengwi - for more granular insights.

20 % 40 % 60 % 80 % BADUNG COMBINED REST OF BALI COMBINED 83 % 17 %
NORTH BADUNG MENGWI SOUTH BADUNG CENTRAL BADUNG GIANYAR TABANAN OTHER DENPASAR 38 % 19 % 15 % 11 % 6 % 6 % 3 % 2 %

SUPPLY
BY REGION & SIZE

  • The supply of leasehold listings broken down by size and by region is presented here. 

  • The most common type of property in Bali is a 3-bedroom in North Badung, of which there were 728 in Q3, closely followed by 2 and 3-bedroom properties in the same region. 

  • Despite buzz around South Badung in the second half of 2023, Mengwi remained a slightly larger presence in the market.

MEDIAN LISTING PRICE

1 BED 2 BED 3 BED 4 BED 5 BED 6 BED 6+ $ 200k $ 400k $ 600k $ 800k $ 1M $ 176k $ 250k $ 349k $ 546k $ 925k $ 793k $ 1.046M Q2 Median Q3 Median
Q3 MARKET MEDIAN LISTING PRICE

LEASEHOLD MEDIAN PRICE BY REGION

  • Mengwi had the highest median listing price of any region, at $366k, with Pererenan at $411k.  

  • The leasehold median listing price for the entire market was $336k. 

  • The only regions that had a leasehold median listing price above the market median were Mengwi and North Badung.

100k 200k 300k CENTRAL BADUNG DENPASAR GIANYAR MENGWI NORTH BADUNG SOUTH BADUNG TABANAN OTHER $ 335k $ 323k $ 320k $ 366k $ 342k $ 308k $ 319k $ 288k

LEASEHOLD MEDIAN PRICE
BY REGION & SIZE

  • Leasehold median listing prices broken down by region and size are shown here, with below market median prices in yellow and above market median prices in orange. 

  • The most expensive regions were Mengwi and South Badung, two emerging markets. 

  • REID deems the limited supply of South Badung & Mengwi (each less than half that of North Badung) as the main factor driving the median listing price.

1 BED 2 BED 3 BED 4 BED 5 BED 6 BED CENTRAL BADUNG DENPASAR GIANYAR MENGWI NORTH BADUNG SOUTH BADUNG TABANAN OTHER $ 148k $ 91k $ 163k $ 187k $ 170k $ 198k $ 150k $ 131k $ 235k $ 218k $ 280k $ 244k $ 250k $ 279k $ 224k $ 246k $ 345k $ 300k $ 320k $ 378k $ 347k $ 365k $ 310k $ 385k $ 392k $ 477k $ 640k $ 576k $ 570k $ 627.8k $ 484k $ 300k $ 790k $ 898k $ 528k $ 1.14M $ 925k $ 1M $ 897k $ 274k $ 711k $ 900k $ 676k $ 1.15M $ 737k $ 865k $ 1.252M $ 350k

ABOVE MARKET MEDIAN

BELOW MARKET MEDIAN

MEDIAN SALE PRICE

LEASEHOLD MEDIAN SALE PRICE BY REGION

  • A comparison of median sale price (orange) versus median listing price (yellow) is shown here. 

  • The median sale price in Denpasar was $582k – this is an example of where data can sometimes be misleading. Denpasar experienced limited sales, but the sales that did occur were of large, high value properties, skewing their quarterly performance.

  • Central Badung was the only other region which saw a higher median sale price than listing price.

LEASEHOLD SALES NUMBERS BY SIZE

LEASEHOLD MEDIAN SALE PRICE BY REGION & SIZE

  • Below market median prices are shown in yellow, while above market median prices are shown in orange. 

  • Blank values in the chart signify no sales for those size properties in the corresponding regions. 

  • The market median sale price for 3-bedroom units, the most common of all property types, was $347k.

ABOVE MARKET MEDIAN

BELOW MARKET MEDIAN

SUPPLY OF RENTAL PROPERTIES

AVERAGE
OCCUPANCY

  • The lowest performing property size was 1-bedroom units at 61%. 

  • Occupancy was still strong for 1-bedrooms given that they make up over 50% of the rental market. 

  • REID posits this is due to the strong tourism economy in Bali, as 1-bedroom properties are predominately positioned as alternatives to traditional hotel rooms.

64.9%

AVERAGE MARKET OCCUPANCY

AVERAGE DAILY
RATE

  • Average daily rate for all of Bali increased to $196, up from $177 in the first half 2023.

  • REID attributes the increase in both ADR and occupancy rates (65% in Q3, up from 60% in the first half of 2023) signals an increasingly strong tourism economy post-COVID. Our team expects this trend to continue as the island continues to recover from the pandemic.

$196

AVERAGE MARKET DAILY RATE

THANKS FOR READING!

Looking for a specific neighborhood or data point? Contact us to learn more.

REID releases quarterly reports to provide a range of market information across different segments, click below to see our other Q3 reports:

 

Need more support? REID offers a range of services: 

  • Custom reports 

  • Property appraisals 

  • Enterprise solutions

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