Published Date : 05/02/2024

Fiji is fast becoming a hotspot for property investments because of its rich cultural heritage, breathtaking landscapes and growing economy.

Minister for Trade Manoa Kamikamica said the real estate industry has made significant contributions towards Fijis economy.

“The real estate sector is tagged as the “single largest component of wealth in a country.”

“That holds true for Fiji, fast becoming a hotspot for property investments hinged on our rich cultural heritage, breathtaking landscapes, and above all, our rapidly growing economy – that all of you contribute to,” Mr Kamikamica said.

Economy contributions

Mr Kamikamica said the real estate sector is not just and add-on but rather a cornerstone of Fiji’s progress. He said the real estate sector is more than bricks and mortar and making sales; but about then people who live, work and play within the spaces you create.

The Fiji Bureau of Statistics 2022 Report on Fiji’s Gross Domestic Product tells us that, the real estate sector typically pitches roughly $287 million or three per cent toward the economy’s output annually.

“That contribution to GDP mirrors the value it brings, drawing in investments and nurturing the accumulation of wealth through property ownership. The Reserve Bank of Fiji’s quarterly reports also show that commercial banks lending to real estate leapt from $146.4 million in Quarter 1 to $399.3 million in Quarter 3 of 2023,” Mr Kamikamica said.

Mr Kamikamica said there has been a substantial surge in lending points to a growing confidence in the real estate market.

“It tells us that financial institutions are game to invest in a wider array of real estate projects. This means a broader playing field and more opportunities for real estate agents to enter into various property transactions. While industry-specific data is very encouraging, lets not forget to tip our hats to all the real estate industry pros – valuers, bankers, surveyors, architects, lawyers, builders and other key players – who have prevailed tirelessly to build up our real estate sector.”

Mr Kamikamica spoke at the 5th National Real Estate Conference that was organised by the Real Estate Agents Licensing Board (REALB)

Source: FIJI SUN

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