Fiji’s real estate sector is showing robust signs of vitality, largely driven by a resurgence in the tourism industry.

 

Real Estate Agents Licensing Board (REALB) chief registrar, Peni Komainavoka said Fiji’s real estate market is on an upward trajectory.

 

Mr Komainavoka said this is influenced a combination of favorable regulatory changes and increased tourist arrivals.

 

“Key factors affecting agents and agencies including regulatory amendments, tourism trends, and the overall economic health of Fiji,” Mr Komainavoka said.

 

Tourism trends
While Tourism, a cornerstone of Fiji’s economy is experiencing a notable rebound, he said this uptick is playing a pivotal role in invigorating the real estate market.

 

“Fluctuations in tourism and economic conditions such as currency changes and inflation could impact property transactions, foreign ownership rules and market dynamics as well,” he said.

 

He said this trend is expected to continue driving the real estate sector, potentially leading to increased property transactions and investments.

 

Mr Komainavoka said economic indicators are also looking promising.

 

Economic projections
With positive projections for the economy, he said the real estate market stands to benefit from a favorable regulatory framework and streamlined processing.
These factors are likely to enhance market activity, particularly in the latter half of 2024.
The alignment of these elements suggests a promising period ahead of real estate agents and investors.

 

Future outlook
However, he said the sector remains sensitive to fluctuations in tourism and broader economic conditions. Currency volatility, inflation, and changes in foreign ownership rules could impact market dynamics.
“While the current outlook is optimistic any adverse shifts in these areas could temper growth expectations,” he said.

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Source: FIJI SUN