SUNBIZ

Steps Taken To Curb Foreign Demand For Local Residential Properties

Government has taken steps to curb the foreign demand for local residential properties in a bid to make it more affordable for Fijians. A 10 per cent stamp duty will
23 Nov 2014 11:07
Steps Taken To Curb Foreign Demand For Local Residential Properties
Minister for Finance, Aiyaz Sayed-Khaiyum at the Special Budget Forum.

Government has taken steps to curb the foreign demand for local residential properties in a bid to make it more affordable for Fijians.

A 10 per cent stamp duty will be charged on transfer for non-resident state title property buyers.

Also a five per cent duty will be charged on mortgage for non-resident strata title property buyers.

The Minister for Finance, Aiyaz Sayed-Khaiyum announced this on Friday.

He said these measures will be complemented by the amendments to the Land Sales Act that will restrict non-residents from buying freehold land or leasing state land for residential purposes.

“This restriction will not apply for leasing of iTaukei Land for residential purposes,” he said.

“The effect of this would be to create demand for foreigners for the leasing of iTaukei land which is currently not the preferred option.

“By increasing the demand of iTaukei land, will mean more lease money for the landowning units.”

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