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Property

Expats flee Bali as virus crashes Asia's top luxury villa market

Desperate owners offering tenants discounts of up to 85%

Double-digit rental yields for luxury properties such as The View, a super villa with its own cinema on Bali's Uluwatu Peninsula -- known as billionaires row -- may be a thing of the past. (Photo by Ian Neubauer)

DENPASAR, Indonesia -- With a private pool, walled tropical gardens and a large terrace overlooking a lush green river valley in central Bali, Kadek Wisana's three-bedroom villa usually goes for $100 a night.

Now Wisana has slashed the rent to $400 a month, and still he can't find tenants, with over three-quarters of Bali's 100,000-strong expat population fleeing in the wake of the coronavirus pandemic, which has devastated the Indonesian resort island's tourism industry.

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