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Bali has been a popular destination for expats as well as tourists since the 1970s and now increased expatriate demand has led to skyrocketing property prices on the island.
The demand has mainly come from the expanding Australian and British expat community in Bali with a new report by property experts Elite Havens throwing light on the trend.
Zoe Price of Elite Havens said, “Capital appreciation has been substantial [in Bali] in the past decade.
"There's been a dramatic increase in Seminyak, where land prices have almost tripled in the last two years because demand is so high and supply so low.”
However, Fabrice de Barsy, a consultant at the Hospitality Institute of Asia, sounded a note of caution telling The Telegraph, “Bali didn’t take care of its infrastructure and environment. Bali has now become dirty, the traffic terrible and the landscape is getting spoiled by ugly construction.
“The luxury market is not doing that well as hundreds of cheaper hotels and condo-hotels are being built. However, the country is doing well and a growing middle class can now afford Bali. Prices will keep going up, but on the very high end, a lot is for sale with nobody to buy.”