Indonesia,
by the numbers.

The established market, and the proof the model works. Arrivals have passed the pre-pandemic peak and set a fresh record, demand deep enough that branded residences are now their own category rather than a novelty. For a foreign buyer the route in is a PT PMA company, and short-term rental licensing carries a real capital floor, so structure matters from day one.

• 6.95m foreign arrivals in 2025, a record, up roughly 10 percent on 2024BPS Bali
• Past the 2019 pre-pandemic peakBPS Bali
• 1.63m arrivals from Australia, the largest single sourceBPS Bali
• About 73 percent average hotel occupancyHorwath HTL, C9 Hotelworks, 2026
• Branded residences around 10 percent of supply across 70 plus developmentsC9 Hotelworks, 2026
• Foreign ownership through PT PMA, short-term rental licensing above the IDR 10bn threshold

The market the government chose to build next, and put real state money behind. Mandalika is a Special Economic Zone anchored by an international circuit that now hosts world championship racing, with the airport and access being scaled to match. The thesis is simple. Bali is full and expensive, Lombok is an hour away with room to grow and a runway already there.

• Mandalika Special Economic Zone, around 1,035 hectaresITDC
• Roughly IDR 36 to 37 trillion of planned state-backed investmentITDC
• Lombok International Airport expansion targeting about 7m passengersgovernment plans
• International circuit hosting world championship motorsport since 2021
• Direct flights from Perth, Singapore and Kuala Lumpur

The gateway to Komodo, and one of the destinations the government has singled out for premium development. In early 2026 it drew fresh foreign capital at scale, the kind that tends to arrive before a market re-rates, not after. Earlier and rawer than Lombok, access still catching up, which is exactly the point for anyone buying early.

• Greenfield investment agreed early 2026 involving Indonesia's Danantara and Qatar's QIADanantara, 2026
• Gateway to Komodo National Park, a designated government priority destination
• Positioned for premium and super premium hospitality
• Access improving, still an earlier stage than Bali or Lombok

The connoisseur's island, and the proof that remote can command a premium. Sumba built its name on a single property that has sat at the top of the world's best hotel lists, which tells you the demand exists for the right product at the right rarity. Low density, dramatic coastline, almost no competition. The trade is access and patience, the runway and the roads are limited, and that is exactly what keeps it exclusive.

• Home to one of the world's most awarded luxury resorts, ranked number one globally in past yearsTravel + Leisure
• Ultra low density, very limited existing hospitality supply
• Served by Tambolaka and Waingapu airports, mostly routed via Bali
• Early stage, where scarcity is the asset

The island next to Lombok, and the earliest entry on this list. Sumbawa already carries an ultra luxury footprint on its fringe islands, proof of what is possible, while the main island sits largely untouched by hospitality capital. This is the longest horizon of the six, for buyers who want to be in before the road, the runway and the rest of the market arrive.

• Ultra luxury resort presence on Moyo Island, off the north coastAman
• Surf and coastline on the west and south, minimal development
• Limited air access, the earliest stage of the six markets
• A long horizon, contrarian entry

Not a hospitality play, an institutional one. Indonesia is building a new capital in East Kalimantan from scratch, a state megaproject on a scale few countries attempt. The landmark buildings are up and the government district is operating, but this is long dated, and in May 2026 the Constitutional Court confirmed Jakarta remains the legal capital while the build goes on. For patient institutional money it is the contrarian position, real momentum and real risk, on a decade plus horizon.

• Estimated build cost around USD 30 billion through to 2045IKN Authority
• Roughly 50 investors and about USD 3.9 billion committed to dateIKN Authority
• Legislative and judicial complex targeted for 2027 to 2028
• May 2026, Constitutional Court kept Jakarta as the legal capital, build continues
• A long horizon, state driven bet, not a near term return