In a move aimed at fostering growth and support for the real estate industry, Acting Prime Minister Manoa Kamikamica announced a significant policy change at the opening of the National Real Estate Conference 2024.

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Effective February 1, 2024, the 2 percent cap on commissions charged by real estate agents on properties below $500,000 has been repealed.

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This decision is seen as a crucial step in amplifying the government’s unwavering support for the real estate industry and recognizing its vital role in shaping the nation’s economic landscape.
 

The repeal of the commission cap is anticipated to stimulate activity in the real estate market, encouraging transactions and fostering a more dynamic industry.

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Addressing the attendees, Kamikamica highlighted the pivotal role of the real estate sector in the nation’s progress.

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“The real estate sector is not just an add-on; I see it as a cornerstone of our nation’s progress, significantly contributing to economic growth, creating employment, and promoting overall prosperity,” Kamikamica said.
 

Citing the Fiji Bureau of Statistics 2022 Report on Fiji’s Gross Domestic Product, the Acting Prime Minister revealed that the real estate sector typically contributes around $287 million or 3 percent to the economy’s output annually.
 

Moreover, Kamikamica shared insights from the Reserve Bank of Fiji’s quarterly reports, indicating a substantial increase in commercial banks’ lending to real estate.
 

The lending figures soared from $146.4 million in Quarter 1 to a remarkable $399.3 million in Quarter 3 of 2023.

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As the conference progresses, industry experts and stakeholders are expected to delve deeper into the implications of this policy change and its potential impact on the real estate landscape in Fiji.

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Source: FIJIONENEWS.COM.FJ