The Traveling Witch

Tourism is a major economic force that significantly influences property values in popular destinations worldwide. As tourism expands, it creates both opportunities and challenges for local real estate markets. This article examines how tourism impacts property values globally, focusing on the benefits, challenges, and the varying effects across different regions. Positive Effects of Tourism on Property Values Increased Real Estate Demand Tourism often leads to a heightened demand for residential and commercial real estate. Popular tourist spots attract investors looking to capitalize on short-term rental opportunities, such as vacation homes, Airbnb properties, and boutique hotels. This increased demand can drive up property values, especially in areas near major attractions or scenic locations. Economic Growth and Infrastructure Development The influx of tourists can boost local economies, leading to improved infrastructure and public services. Enhanced transportation systems, b...

Indonesian officials are developing new regulations aimed at managing the surge in tourism in Bali. To tackle the risks associated with overtourism , local tourism businesses are looking at global strategies for guidance . South Bali is approaching a critical point due to increasing tourist numbers, a situation similar to other famous destinations worldwide. These locations provide valuable lessons that Bali can draw upon. For instance, in Belgium, the city of Bruges has recently enforced limits on short-term vacation rentals in its historic center . Additionally, the city has stopped new hotel developments. These actions are part of an effort to manage visitor numbers and prevent future issues. In 2023, Bruges hosted over 8.2 million tourists, despite its small population of 120,000. Bali faces a similar scenario as the number of tourists continues to grow rapidly. Addressing Community Concerns Bruges' Mayor, Dirk De Fauw, expressed that local residents are increasingly conc...

Thirteen international airlines are considering the launch of direct flights to Bali, connecting the island with major markets such as Ch ina, Russia, Japan, India, and the United States. These potential routes are still in the planning stages. According to Handy Heryudhitiawan, General Manager of I Gusti Ngurah Rai Bali Airport, several airlines have expressed interest in securing slots for regular flights to Bali . Although some have submitted their requests, they have yet to begin operating these routes. Airlines that booked slots for the 2023 dry season are still in the process of entering the market. "T hey must go through the process of reapplying for flight approvals, which includes finalizing their schedules and selecting the appropriate aircraft, " Handy mentioned. The airport is currently waiting for final confirmations on these proposals. Tjok Bagus Pemayun, Head of Bali’s Provincial Tourism Office, added that among the proposed airlines, three or four are based i...