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Jakarta Post

Hotel, resort owners in Bali concede to lower selling prices

  • Mardika Parama

    The Jakarta Post

PREMIUM
Jakarta   /   Mon, July 13, 2020   /  02:24 pm
The Jakarta Post Image
Tourists visit Melasti Beach in Badung regency, Bali, on June 24.(Antara/Fikri Yusuf)

Business players in the hospitality sector in Bali, the country’s main tourism hub, have been prompted to sell property below market price, amid the massive hit to the island’s visits due to the pandemic, realtors and experts have stated. While the asking price for property in the hospitality sector, such as resorts, villas and hotels, has not budged since the outbreak began at the beginning of March, the owners have been more open to selling their property with up to 25 percent off market price, according to Paradise Property Group, a Bali-based resort and villa realtors firm. “Bali’s tourism slump has greatly affected both property leases and sales. Annual and monthly lease prices could drop up to 50 percent, while sales of property are also seeing more price concessions during negotiations,” the realtor firm's sales manager, Fransiska ...