Why is the Bali yield you were quoted wrong?

Because it is gross. Here is every deduction between the advertised figure and your bank account.

An advertised Bali yield is almost always gross: annual revenue divided by purchase price. It is not wrong arithmetic. It is just not a return.

Here is the full distance between that number and what you keep.

The deductions, in order

Platform commission: 15–20%. Airbnb, Booking.com and the rest take theirs before anything reaches you.

PB1: 10%. The regional accommodation tax, collected from the guest and remitted by the operator. Frequently presented as revenue in projections. It has never been yours.

Management: 15–25%. Charged on gross or on net after commission, depending on the contract. The difference is thousands a year.

Running costs. Staff, utilities, pool, garden, maintenance, supplies. A fixed monthly base that does not fall when the villa is empty.

Refurbishment reserve: around 5%. A rental villa needs refitting every few years. If it is not in the projection, it is coming out of your pocket instead.

Income tax. On whatever profit survives the above.

Lease amortisation. On a time-limited right, the premium divided by the years remaining. Not a cash cost, an economic one, and the largest single item on a short lease.

What that does to a headline

On a USD 300,000 leasehold villa at USD 180 a night and 65% occupancy:

Advertised gross yield	12.0%
After costs and tax	1.9%
After lease amortisation, 25 years remaining	−2.1%

Same property. Same revenue. Three very different numbers, and only one of them describes what happens to your money.

How to read any projection

Ask four questions:

1. Is this gross or net? If they say net, ask which deductions are included, most "net" figures still omit refurbishment and amortisation.

2. What occupancy does it assume, across the full year?

3. Is the lease amortised? On a leasehold, if the answer is no, the figure is not comparable to a freehold return anywhere else in the world.

4. Is nightly rental legally permitted on this plot, by this operator? If not, the projection describes a business that cannot run.

Then put the seller's own numbers into the calculator and compare.

A projection is a marketing document. It is not a forecast, and it carries no obligation on anyone.