The January 2022 Economic Review by the Reserve Bank of Fiji has revealed positive indicators for the real estate sector.

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REALB registrar Peni Komainavoka said based on the January 2022 Economic Review, global growth projection for 2023 has been revised upward to 4.8 per cent.

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He said this would have a positive impact on real estate sector.

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“The January Review also highlighted the expansion in new loans scheme for investment activity by 7.8 per cent, which is driven by higher lending to the building and construction category (+17.9 per cent).

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“This is an incentive and boost for the building industry and current housing stock in the market.”

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Mr Komainavoka adds that real estate activities are expected to pick up this year as various sectors of business activities grow.

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As COVID restrictions ease and with targeted policy approach introduced by Government on key demand drivers, Mr Komainavoka said this would also have a positive impact on real estate activities in 2022.

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REALB have also recorded that Fiji’s monthly property sales data for November and December 2021, indicated that real estate activity has picked up and progressed to pre-pandemic level.

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“This is a good indicator of the trend developing in 2022.

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“It is a positive sign of increased market activity and which is likely to continue in 2022.

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“It also demonstrates a good correlation with the Government initiatives and forecast on positive economic projections,” he said