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Real Estate Industry figures show gradual growth

Real Estate Industry figures show gradual growth
Ministry Land Permanent Secretary, Malakai Finau . Photo: RONALD KUMAR.
September 22
12:25 2017


The real estate industry with an average 1,500 real estate transactions annually rakes in $4.13 million in value and statistics into the Fijian economy.

Permanent Secretary for Land and Mineral Resources, Malakai Finau said this indicated the value of real estate transacted had gradually increased.

While speaking at the Real Estate Agents National Consultation Workshop at Tanoa International Hotel in Nadi yesterday, he said the industry was significant to the Fijian economy.

The theme of the workshop was ‘regulating for efficient outcomes’. The one day workshop is aimed to provide an avenue for real estate agents to deliberate on the best possible stance to move the sector forward by improving current practices and standards to comply with stipulated regulations and international best practice.

He added the real estate industry was important because its primary link to the performance of the economy in many respects.

“This underpins the immense worth of the Real Estate industry to our local economy as it exists in an interdependent mutually benefitting relationship thus; a strong economy leads to strong growth in the real estate industry,” Mr Finau added.

He advise real estate agents that their role was to ensure that affordable housing was available to all Fijians and continue to look for alternative methods of bringing it as a basic necessity.

Mr Finau said the 2013 Constitution has made it a right for every person in Fiji to access adequate housing and sanitation.

Government, he added that they are taking steps to make affordable housing available for Fijians but it was the duty of real estate agents to work within the realms of the law.

Mr Finau said the duty of real estate agents to ensure the industry was clean of unscrupulous dealers.

There was a somewhat general mentality that real estate agents hiked property prices because of commission, he said it should be the motivation to them to prove these general consensus wrong.

The Real Estate Agents Licensing Board (REALB) , Mr Finau said had adequately resourced by the Fijian Government as part of its commitment to clean up the real estate sector.



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