INDONESIA UPDATE

For the first time since the Covid pandemic, our Annual Awards were back offline. It was especially encouraging with new faces walking up the podium to receive the award. The night was a great success with over 130 participants sharing fun and laughter.

The market is somewhat quiet, which is reflected by the lower mortgage volumes. However, we are confident the market will pick up in the fourth quarter like what we experienced last year. The Bali market is recovering fast, especially with the influx of visitors coming from Eastern Europe. The high demand provided a strong support for the market for both the land price and the rental market.

A meeting took place in Bali in early May for business overview and synergy opportunity with One Team spirit. We are looking at the commercial opportunities there as we have more diverse expertise within the Harcourts group. This will include identifying commercial properties including villas and hotels for sale. Another opportunity in coordinating development of small scale of villas to be sold and managed both in leasehold and freehold. This is also an opportunity to create more ecofriendly and inclusive development by engaging the local community. This includes the development of the local handicraft skills. It is an opportunity for Harcourts International to be part of this process. The office for Harcourts Pulau Dewata in Bali has just being completed. It is a unique local traditional design with material mostly made of bamboo and locally sourced.

The 131st “Sales. The Harcourts Way” training was held in May 2023. It is one of the most comprehensive training modules available and well recognized in the market. Our technology team is busy redesigning the website to be more accessible and mobile responsive. The BDM is constantly assisting sales consultant’s activities through on line whiteboard monitoring in real time. It is important that we constantly creating the best experience for all in dealing with Harcourts.