Buying a Villa in Bali: Greg Grigoriev's Checklist

Before buying a villa in Bali, check the developer first: its own money, its track record and whether it can finish what it sells. Then pick the location, run the numbers and learn the legal, tax and management rules before you pay. That is the short version of what Greg Grigoriev, who sells villas on the island, told me on episode 3 of my podcast, CHANGES. His warning sits under everything else: "they want to believe that everything will go smooth." In Bali construction, he says, it rarely does.

Greg left home in 2022 and built a business and a family life in Bali from scratch. In our episode he names the biggest myth in Bali real estate and explains why most people fail when they start over there. Guests on CHANGES speak for themselves, and Greg speaks as someone who sells villas for a living.

Who is Greg Grigoriev?

Greg is an entrepreneur and commercial director in Bali. He is from Kaliningrad and worked in logistics for a large corporate group, which he calls a kind of empire. In September 2022, when mobilisation was announced in Russia and sanctions hit his job, he decided "it's time, Greg, to try something else." He spent a couple of months in Turkey, then flew to Bali, started selling property and brought his family over six months later. One detail surprised me: "I was a wedding host". He still describes himself as the one who makes fun.

The biggest myth: Bali is an easy win

Greg's answer to my first question was blunt. The common belief that Bali is a sure investment is overheated, in his view, and some investors keep quiet about their losses. "The truth is that the market is correcting." He adds that "the market numbers go a bit down, but not dramatically", and that it depends on the property and the area. He still calls the island attractive, on one condition: you "realize all the risks, evaluate all the possible changes that can occur".

Buying a villa in Bali: Greg's checklist

I asked Greg for five things to know before buying. He gave them and then said "I don't think that just five tips are enough." Here is his list, in his order.

1. Learn the market before you look at villas

"get familiar with a market, get familiar with with a location, get familiar with experienced brokers." Unless you know Bali well, he says, do not go alone: "Better have somebody who would help you to share this responsibility. However, the money is yours". He suggests asking several people. Their opinions may clash, and that is how you form your own.

2. Check the developer, then check again

"Developer must be financially sustainable. Developer must be skillful." He also wants a track record: "Developer shouldn't take a big project if he hasn't been built anything like that". His concern is how projects get funded. In his experience, "most of the developers building here using the investors finances, which is way more risky" than a developer who pays for a large part of the build itself.

3. Price and location before design

From the sales side, Greg sees the same order every time: "I can tell you that the first thing people pay attention to is anyway price". Location comes second, then build quality and design. Serious buyers run the numbers from every angle. "Those who are just emotional buyers, they don't look into the numbers", and he does not expect them to make a good profit. On location his rule is simple: "The closer to the ocean, the better". He calls it a factor of liquidity.

4. Prefer what will be finished

His advice: "find something not too big, not off plan, in total, something that you feel that will be completed, and a developer will not screw up." Ask the developer to show how the project will be completed and whether it holds the documents it needs. He is sceptical of big promises: "I hope they don't promise two years to build it all because it's bloody impossible in Bali".

5. Learn the legal, tax and management side

Greg's last point: "So legal things get knowledge about the taxationation, about management". He means what you own, what you pay and who runs the villa when you are not there. One rule to know before any of it: under Article 21(1) of Indonesia's Basic Agrarian Law (Law No. 5 of 1960), only Indonesian citizens can hold hak milik, the full freehold title. Foreign buyers use other structures, so get your own lawyer and notary, not the seller's.

What Greg would build himself

If he started a project of his own, Greg would keep it small. He sees "the best can combination is the wellness oriented tiny resorts, let's say from 5 to 20 villas or houses", with a spa, sauna or yoga as extra value. "I don't believe in apartments at all." He prefers one-storey, standalone villas with a yard and a pool, partly because older buyers find stairs hard and, in his experience, often have the most to spend. Most developers, he says, build the same thing, and buyers stop seeing the difference.

Why most people fail: expectations

The biggest mistake new investors make, in Greg's words, is the belief that the deal will go smoothly. "Construction and Bali is a complicated thing from many points of view." Delays and changes happen. What keeps buyer and developer on good terms is how openly the developer reports problems. As a buyer, judge a developer by how it talks to you when something goes wrong.

He also warns about respect for local rules: "We shouldn't forget we are guests here". Indonesians are friendly, he says, and the state protects its own interests first. Foreign businesses that ignore the legal framework get into trouble.

Spot the sales pressure

Greg describes his own selling style as consulting: "I don't sell. I help people make a right choice". He builds relationships over months, "realizing that the deal cycle might take months". He has seen scarcity tricks fail: "Don't say that you've got the only one villa is remaining waiting for you." His conclusion: "With a property, it doesn't work, guys."

Use that from the buyer's side. A seller who rushes you with talk of a last unit and cannot answer your questions about the developer's finances is a reason to slow down.

What this means if you are starting over in Bali

Greg arrived with a family, no local network and a new industry to learn. When I asked if he had ever hit a wall, he said he was in one right then, after a slow few months of sales. His answer: "just keep on pushing, just keep on doing, go deeper, try not to give up." When things feel bad, he adds, "it's good to help somebody". It gets you out of your own head.

If you are moving to Bali, read the story of Aliaksei Korzh, who came as a tourist and opened four restaurants, and my notes on how to start over in life. Treat your first big purchase like Greg's checklist says: slowly, with people who have been there longer than you.

Watch the full episode

The episode covers more than property: cultural differences in managing teams in Indonesia, what Greg looks for when he hires, charity work, and a few stories that made us laugh. Watch CHANGES episode 3 with Greg Grigoriev on YouTube (opens in a new tab), or see all episodes on the CHANGES podcast page.

I also run a small advisory company in Bali that introduces people entering the Indonesian market to local partners. It is listed on my ventures page. If you are planning a move or a business in Indonesia, book a call and tell me what you are working on.