DENPASAR, Bali, 2 May 2023: Bali continues to be one of the world\u2019s most desired holiday destinations, but branded residences, both in the lead-up and after the global pandemic, lagged behind other key Southeast Asian leisure markets such as Thailand and Vietnam.<\/p>\n\n\n\n
The observations are part of a new joint report with Horwath HTL titled Bali Hotel and Branded Residences 2023, released on 1 May that tracks the island\u2019s resort real estate market since the Covid-19 pandemic in 2020.<\/p>\n\n\n\n
According to the report’s forecast, the 2023 outlook is positive as Bali continues to woo travellers with its picturesque landscapes and exotic culture.<\/p>\n\n\n\n
\u201cThe hotel industry has been on a rollercoaster ride in the past couple of years, but the first two months of 2023 have brought a glimmer of hope, signalling a spectacular revival for the hospitality sector.<\/p>\n\n\n\n
\u201cAgainst all odds, Bali’s hotels have not only surpassed 2022 figures but also shattered the pre-pandemic benchmarks of 2019.<\/p>\n\n\n\n
\u201cWith no travel restrictions (other than a lack of visitors from the PRC for a part of Q1 2023), the island has welcomed a wave of visitors, and the latest metrics paint a promising picture for the industry.<\/p>\n\n\n\n
\u201cOccupancy rates for Bali overall reached 62.8% YTD Feb 2023, which is only 1.8% point lower than the 2019 YTD Feb figure.”<\/p>\n\n\n\n
ADR has seen a massive improvement, with an increase of 30% for the Rupiah and 20% for the USD compared to pre-pandemic 2019 levels. The marginal decrease in occupancy coupled with the significant increase in ADR has led to a record high RevPAR of USD84, surpassing 2019 and 2022 figures of USD72 USD and USD16, respectively.<\/p>\n\n\n\n
\u201cAmong the different hotel categories, Upscale hotels have shown the most significant improvement, surpassing their 2019 metrics on all fronts. Sanur has made remarkable progress regarding hotel locations, emerging as a standout performer.”<\/p>\n\n\n\n
C9 Hotelworks research for the remainder of 2023 and all of 2024 points to a significant restart of the branded residences market in Bali. Raffles Bali in Jimbaran is a banner villa project that will come up later this year. There are several larger shelved mixed-use projects currently in the planning and new greenfield ones in early-stage development,” the report concludes.<\/p>\n\n\n\n