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Property

Bali's villa-building boom defies COVID economic slump

Investors expect island tourism will be more popular when travel resumes

The changing nature of office work during the pandemic is another factor projected to boost demand for luxury housing in Bali. (Photo courtesy of Sandstone Consulting)

DENPASAR, Indonesia -- Construction of new villas in Bali is defying the steep economic downturn that the coronavirus pandemic has caused for the tourist hotspot.

With around 60% of its gross domestic product derived from tourism, Bali's economy has been the hardest hit in Indonesia by the COVID-19 pandemic. The country's central bank reported negative growth of just under 11% for the province in September while the Ministry of Labor reports at least 80,000 tourism workers lost their jobs.

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