Properties

Fiji Working Towards Building A Better Real Estate Market Despite COVID-19

COVID-19 has devastated the real estate market, and all related businesses and in­dustries.
24 Jul 2022 18:36
Fiji Working Towards Building A Better  Real Estate Market Despite COVID-19
The ongoing COVID-19 pandemic and its impact on the economy has pushed the real estate sector to an all-time low.

COVID-19 has devastated the real estate market, and all related businesses and in­dustries.

Slowly, things are coming back, especially now that borders have opened and tourists, buyers and investors are allowed back into Fiji.

Rental prices were chopped in half, especially in the “upmarket” areas where many properties were emptied out as expats had to leave the country due to job losses.

The real estate market in Fiji is hopeful that the new investment act will help attract new buyers and investors.

The Fiji real estate business own­ers believe to be very optimistic about this.

While talking to these business owners, they have raised concerns about real estate prices, during COVID-19 times, in Australia, US, Canada, New Zealand and many parts of Asia, all went much higher, while the real estate prices dropped in Fiji.

This has given buyers, investors and diaspora more reason to look to Fiji as a great opportunity to re­deploy the sale proceeds from their home markets into new real estate (and business) investments in Fiji.

Fiji’s market is growing and will only get stronger. There are now concerns with inflation, upcoming elections in various countries, and socio-economic challenges, and climate change issues which con­tinue to give local and non-resident buyers caution for large scale in­vestment

While some restrictions on COV­ID-19 has been lifted, there is still more to do.

Fiji should not rely as they have in the past, only on tourism. Other than commercial agriculture, I feel that real estate is the largest and best opportunity to create jobs, tax revenue, and income for.

Feedback: shreeya.verma@fijisun.com.fj



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