ESTONIAN MEN DEVELOPING REAL ESTATE IN BALI
Originally published in the special edition Staatus of Eesti Ekspress: "Eesti mehed Balil kinnisvara arendamas".
Text: Eve Kallaste / Photos: Private Collection, Shutterstock
Former CEO of Uus Maa Ärikinnisvara, Kristjan Ploompuu, and former risk and data analytics professional, Oliver Heliste, have launched large-scale real estate projects in Bali. “The growth potential here is huge,” say the entrepreneurs, who live and work in Canggu, with confidence.
Investing in real estate in sun-drenched regions is becoming increasingly popular among Estonians, and developers with local backgrounds offer various opportunities in both Europe and Asia. Staatus visited two entrepreneurs on the island of Bali, Indonesia, whose days, filled with tropical heat, are spent signing contracts for large-scale developments, overseeing construction, managing future real estate projects, and, of course, enjoying Bali’s climate and its international business and cultural environment.
Work in Paradise
The founders of Investland Bali do not meet me on a concrete construction site or in new office premises but rather at the cozy home of Kristjan in Canggu. “It’s rented,” Kristjan grins as I admire his inviting backyard with a pool and lush exotic greenery.
But haven’t real estate developers built their own villas yet? “Of course, we’ve thought about it, but so far, it has remained just a thought because we reinvest all our money into our businesses, and all our time goes into them as well,” Oliver explains. “We have a great opportunity to create something big, and big goals require hundred-hour workweeks, but progress is inspiring and rewarding,” Kristjan adds.
But why Bali? Oliver explains that Indonesia is currently in the sights of major investors, as the country frequently appears in tourism and business rankings. Tech giants such as Apple, Tesla, and Microsoft are making significant investments here, leading to the emergence of a thriving international entrepreneurial community.
Kristjan emphasizes that Bali offers a high-quality business and living environment. “Here, you find companies of all sizes, world-class restaurants, and entertainment. Every week, internationally renowned artists perform here. We have facilitated real estate investments from citizens of many different countries—Bali and Canggu are great choices both for those looking to network in business and cultural circles and for those working remotely or seeking a second home in a place with excellent sports and relaxation opportunities.”
Kristjan admits that, given his current pace of life, he hardly has time to enjoy all the comforts of his home. “I’ve been living here for two years, and in that time, I’ve only been in my pool twice,” he laughs. “To balance the workload, we do sports—mostly padel, which is very popular here. There’s even padel tourism.”
Oliver recalls how he once crashed through the glass while playing padel and had to get 77 stitches. This incident also gave him firsthand experience with Bali’s healthcare system, which, according to him, is of very high quality. “In April, a new international hospital will open in Sanur, and foreign doctors will also be allowed to work in Indonesia.”
The Beginning
We settle inside to escape the midday heat, greet Kristjan’s cat, who has arrived from Estonia, and pour ourselves some cold water. Once recovered from the heat, I ask what makes Bali so attractive that it is currently considered one of the best places to invest according to prominent publications.
“First, the growing economy, and second, the climate. It’s warm here year-round, even during the rainy season,” says Oliver, who has been living in Bali for seven years. “At first, I didn’t like it at all—everything was so unfamiliar, and I didn’t know how to settle in. But that changed once I started seeing the advantages of Bali life. The longer I stayed, the more convinced I became that I had to get a foothold in real estate development here. And to do that, I needed to get Kristjan to move to Bali as well. Recently, I found my notes from 2020 where I had written: ‘Build lofts, bring Kristjan here!’”
For Kristjan, the transition was much easier since his friend was already there. “Bali’s popularity is growing, and the investment climate is favorable. The key is to understand where people are and where the growth potential lies—then buy land there. We started with great enthusiasm and had no fears. Speed is the essence! While others are still planning, we’ve already made mistakes, learned from them, and implemented working solutions. Today, Investland Bali is no longer just a two-man company—our team has grown. But if something goes wrong, the blame still falls squarely on the two of us,” Kristjan laughs.
“We have great partners, but we’ve also learned as much as possible about legal matters, taxation, sales, marketing, construction, furniture, supervision, contracts—you name it.”
Bali is Attractive
With clients from 16 different nationalities, it is fascinating to observe how people from various backgrounds conduct business. “It’s interesting how different clients approach contracts. A year ago, one foreign client transferred the full amount before we had even spoken, let alone signed a contract. Meanwhile, with an Estonian client, we spent over six months finalizing the contract terms,” Kristjan shares.
The island’s climate, nature, beaches, and cuisine make it easy to understand why so many investors see Bali as the perfect place to put their money. Indonesia’s booming tourism and digital industry only add to the appeal, explaining why these young Estonian entrepreneurs are thriving in Bali’s real estate sector.
One thing that always needs explaining to clients is the property ownership structure in Bali—how long-term leases of 25 or even 50 years work, as foreigners cannot purchase land outright here. However, this does not deter investors. They are more interested in the fact that rental yields are currently as high as 20% and that acquired real estate can be sold at a profit at any time.
“But people don’t just come here for work or investment returns; they come for the atmosphere. People here are friendlier—especially the locals, but even foreigners like us become more relaxed in Bali,” says Oliver.
Kristjan chuckles and remarks that Oliver speaks for himself. “Oliver is very composed in his work, while I often have to play ‘bad cop’—especially when locals give vague or roundabout answers. But our directness comes from a desire to find solutions and opportunities, not problems and obstacles.”
The Estonian developers are very understanding of Indonesian customs. If a construction site needs to be blessed according to Balinese traditions, they gladly participate alongside the builders. It’s no surprise that the Investland Bali team often collaborates with local spiritual leaders.
Giving Back to the Community
Currently, Investland Bali has three major development projects under construction, with the first two already sold out. Kristjan notes that the third development is also progressing well, with half of the properties already having new owners. Clients vary—some prefer to furnish their new villas themselves, while others opt for a turnkey solution where even the last decorative vase is chosen by an interior designer. For custom villas, options range from cigar rooms to golf simulators.
Observing Estonian clients, Kristjan notes that some have already resold their initial investments at a significant profit and reinvested in new projects. “It’s also good if the earned profit returns to Estonia. Many clients have limited themselves to a single deal and made a lucrative exit.”
Although Bali’s beaches and jungles are breathtakingly beautiful and its people friendly, the general standard of living is still developing. Kristjan points out that while an average Estonian income allows for a very comfortable life in Bali, the average Balinese person does not live luxuriously. Entire families struggle to find stable housing, often living in basic huts with dirt floors.
This is why Oliver and Kristjan decided to give back to the community. Partnering with a local charity, they committed to building a small home for a local family for every villa they develop. This initiative provides life-changing improvements for families who previously lived in dire conditions.
“Bali has given us the opportunity to invest and enjoy life here—giving back is the least we can do,” Kristjan says. “It’s only natural that we contribute in return.”
As for free time and homesickness, Kristjan admits that having their partners with them helps maintain a work-life balance. “Fortunately, we can video call loved ones, and friends and family visit us.”
“When our loved ones come to see us, we also slow down a bit and take time to relax—after all, Bali is the perfect place for that. Then we recharge and keep moving forward,” Oliver adds. “We’ve also founded a couple of related businesses, and their launches are coming soon. There’s plenty to do.”
