Blog

Keep up to date with the latest Fiji Real Estate news

Liquidity reaches historic high: RBF

Excess liquidity in the banking system reached a historical high of $1.1 billion last month says the Reserve Bank of Fiji.

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ANZ Records 60 Percent Drop In Cash-Over-Counter Transactions

ANz has noted a drop in over the counter cash transactions, as customers move to digital payments, said country head Saud Minam.

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Young people encouraged to start their own business

Youth are game changers and influencers with the capability and potential to lead the new normal in this current COVID-19 era.

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Building Permits For The 2nd Quarter Dropped 22.1%: New Statistics Report

The construction industry was set to kick off work valued at $54.3 million for the second quarter of 2020, the Fiji Bureau of Statistics said in its September Report.

The value of construction was however lower than the first quarter of the year, the bureau said.

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Businesses in Levuka defaulting on rates

The Ministry for Local Government has identified local and international companies in Levuka that have defaulted on their rates.

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Businesses in Levuka defaulting on rates

The Ministry for Local Government has identified local and international companies in Levuka that have defaulted on their rates

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Now is the time to invest in construction – Construction Industry Council

Construction Industry Council President Gordon Jenkins says now is the best time to construct because prices of material and labour costs are down and people should take advantage of this and get their projects completed.

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Investment Fiji banks on staff to boost productivity

Investment Fiji has pledged to ensure its staff are equipped with one-standard commercial and technical knowledge.

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Housing Authority changing policies to speed up lot allocation work but they do not have many lots available

Housing Authority of Fiji CEO Robert Sen agrees that a lot of time was previously taken for lot allotment but some policies have changed and clear communication is being initiated with the customers in regards to their complaints.

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Total export of services declines

There was a decrease of over ninety percent or more than eight hundred and twenty million dollars in the total export of services in June when compared to a year earlier.

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FNPF to process 66 First Home Buyers Programme applications

The Fiji National Provident Fund will continue to process the sixty-six applications approved for the 2019 First Home Buyers Programme.

The fund had earlier announced that the scheme had ceased and will not be available anymore.

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FNPF clarifies housing assistance eligibility

The Fiji National Provident Fund says there are five pre-retirement grounds that are still open despite the rollout of the COVID-19 Withdrawal scheme.

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Non-performing loans could impact economy

Reserve Bank Governor Ariff Ali has stressed that non-performing loans are the most significant source of credit risk to a bank.

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Bank workers union supports interest rate drop

The union representing bank sector workers has weighed in on discussions around lending rates.

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Emergence of a new market in the real estate sector

With the COVID-19 impact being felt by all the sectors in the country, the Real Estate industry has seen the emergence of a new market.

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Pressure on HA to provide affordable housing

More Fijians want to own flats in urban areas which has increased the pressure on the Housing Authority to provide affordable homes.

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HA Board appoints members of Public Inquiry Committee

The Housing Authority Board has appointed members of its Public Inquiry Committee.

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THINK OUTSIDE THE BOX – OWN A HOME

Attorney-General Aiyaz Sayed-Khaiyum encouraged those present at the post-budget discussion; “Fiji’s Economic Recovery Plan” to ‘think outside the box’.

Encouraging Fijians to not wait for too long before owning a home, the Minister for Economy, while speaking at the discussion organised by the Fiji Chamber of Commerce and Industry on 25 July 2020, made this remark about home-ownership which in Fiji is extremely low.

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Real estate market uncertain of future

The real estate market is clueless as to where it’s heading as the COVID-19 pandemic continues to take a toll.

Real Estate Licensing Board chair Abdul Hassan says with potential buyers economically affected, people are now not able to invest in property, directly affecting agents and the industry.

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Criteria set for special purpose audit on Housing Authority lot allocation for past 10 years

The Housing Authority of Fiji has confirmed that there is a criteria for the special purpose audit on lot allocation for the past 10 years that will be carried out by the Office of the Auditor-General in Fiji.

Some of the criteria that the audit will focus include review of any lots allotted to current or ex Housing Authority staff, their families during the period and to review such transactions to assess the transparency and appropriate declaration of conflicting interests by relevant staff including the board.

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Fiji should continue to focus on growing sectors like Agriculture even after tourism picks up - Chauhan Drop tourism related taxes and support local companies

Fiji Commerce and Employers Federation President, Sandeep Chauhan says the country should continue to focus on growing sectors like Agriculture even after tourism picks up and also focus on new sectors like call centres, Business Process Outsourcing, repacking of goods for exports and increasing food processing activities.

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Landlords taking extreme steps to evict tenants amidst pandemic

It has been revealed that some landlords are going to great lengths to evict their tenants following minor disputes.

The Fijian Competition and Consumer Commission has recorded an increase in conflicts between landlords and tenants during the pandemic.

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2020/2021 National budget to focus on creating more economic activity

The Permanent Secretary for Economy Makereta Konrote says the 2020/2021 National Budget will be focused on creating more economic activity.

Konrote says one of the important aspects of a budget is to create an enabling environment for the private sector to be able to lead economic recovery after COVID-19.

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Housing Authority receives 334 applications

The Housing Authority has received 334 applications for COVID-19 assistance. 220 applications are from the Central and 114 from the Western Division.

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RBF says labour market conditions worsen while consumption and VAT collections continue to contract

The Reserve Bank of Fiji states that overall labour market conditions have worsened due to the weakening domestic economy.

The RBF says a total of 85,959 FNPF members received around $54.2 million under the COVID-19 withdrawal scheme in phase one, while 15,920 members will be paid around $17.5 million in phase two over a period of 10 weeks.

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PRB has not evicted anyone from any of their flats during the COVID-19 period – Patrict Veu

Public Rental Board Acting General Manager, Patrick Veu confirms that no one has been evicted from any of their flats during the COVID-19 period, however people who were earning more than $16,500 and have lost their jobs or are on reduced hours have been reconsidered to stay in their flats.

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Housing Authority and Public Rental Board appoint new Board members

Lorraine Seeto, Senikavika Jiuta, Roveen Permal, Anabel Ali and Mohit Raj have been appointed as the new board members of the Public Rental Board and Housing Authority.

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112 PRB tenants handed eviction notices

Housing Minister Premila Kumar highlighted this while visiting the Natokowaqa PRB flats in Lautoka earlier this week.

Kumar says they have found out that these tenants’ income threshold is higher and they do not qualify to stay in these flats.

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RISE programme hopes to improve well-being of other settlements

The Revitalization of Informal Settlements and the Environment programme hopes to expand its current operations across the country.

Coordinator Isoa Vakarewa says the programme begins its operations in identifying the need for proper sanitation, waste management and hygiene at informal settlements last year.

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Housing ‘Scam’: Eight Employees From Housing Authority Sacked

The Housing Authority of Fiji is now under the spotlight after eight of its employees were sacked for allegations of corrupt practices earlier this year.

The eight employees had allegedly set up a company, bearing the same address as the Housing Authority, and were making money to develop plans and land on behalf of its clients.

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Court cases await Housing Authority frauds

Fijians who acquired Housing Authority lots through dishonest means will now face legal action.

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New Board members for PRB and HAF

The Minister for Housing welcomed the newly appointed board members of the Public Rental Board and Housing Authority of Fiji.

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More people vacating rental properties: Dr Hassan

The occupation of rental spaces in the country is taking a dip due to the impact of the Coronavirus pandemic.

The Real Estate Agents Licensing Board has been monitoring the market whereby lots of rental properties are now vacant due to the tight budget of Fijians.

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Ideal time to invest in stock market: SPX

Chief executive Krishika Narayan says while the overall statistics indicate the market is low, if an investor has extra savings and is thinking of buying shares, this is the right time.

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Beware Of ‘Illegal’ Home Sales In Squatter Settlements Ministry Warns

Homebuyers are being warned to be cautious about the sale of homes located at sqatter settlements.

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Businesses face toughest financial crisis

Large and small businesses are facing their toughest financial crisis with no apparent end in sight.

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Let us all work together to build confidence and encourage construction activity to boost employment and revenue opportunities – AG

Minister for Economy, Aiyaz Sayed-Khaiyum says all efforts should be focused on building confidence domestically to encourage more construction activity that can result in the creation of jobs.

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Town Planning Act and Subdivision of Lands Act’s Revision To Address Illegal Development

Illegal developments are rife in Fiji, however, the penalties are low and do not effectively deter people, says Minister for Local Government, Housing and Community Development Permila Kumar.

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Bankruptcy looms for 512 businesses: Survey

More than five hundred local businesses have indicated they may face bankruptcy if the COVID-19 pandemic continues for another six months.

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‘Housing Help Available For Loan Clients’

More than 1600 households are occupying Public Rental Board (PRB) flats and 832 households are being assisted by the Housing Assistance Relief Trust (HART), Premila Kumar said.

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Sixty-six businesses closed due to COVID-19 crisis

Sixty-six businesses have closed down due the impacts of the COVID-19 crisis.

Minister for Local Government Premila Kumar says the survey conducted by municipalities highlights the virus has had an adverse effect on Fijian businesses who suffered the consequences of the economic fallout.

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More job lay offs expected in the coming weeks in the tourism industry

As the tourism and hotel business transitions into the next phase of survival, operators involved in the tourism industry will be considering extended Leave Without Pay options, terminations and redundancies in the coming weeks.

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FCCC assists 252 tenants

The Fijian Competition and Consumer Commission has assisted 252 tenants who have been impacted due to the COVID-19 crisis.

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ANZ not in a business of repossessing customers’ properties, will continue to work with their customers – Minam BSP says it is too early to make a comment

ANZ Fiji Country Head Saud Minam says they are not in the business of repossessing their customers’ properties and will continue to work with their customers till the last resort and this could be through three months, six months or nine months principal and interest deferment.

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Residents claim no freeze, reduction on weekly rent

Residents in Housing Assistance Relief Trust (HART) villages say a recent statement issued by Government of a rent freeze since March and that rent has been reduced by about 50 per cent is “not true”.

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Budget to consider more support for emerging SMEs

Economy Minister Aiyaz Sayed-Khaiyum says against the backdrop of the COVID-19 pandemic, this year’s budget purse strings will be tight.

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Fijian economy is expected to decline more sharply than -4.3%

The Reserve Bank of Fiji has stated that the national economy is now expected to decline more sharply than the earlier estimate of -4.3% on account of the catastrophic impact of COVID-19.

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Increase in property listings: Khan

The real estate agents have seen a tremendous increase in the listing of the rental properties.

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The market has become very challenging: Bayshore Director

The real estate sector has not been spared by the impacts of the Corona-virus that has affected almost every other sector of the economy.

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Housing Authority gets real estate agents to sell high-end residential, civic and commercial lots

Housing Authority confirms that real estate agents will be marketing, and selling 27 high-end residential, civic and commercial lots, on behalf of the Authority.

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Foreign Reserves Sufficient For Next 6 Months

The Reserve Bank of Fiji says foreign reserves are sufficient to retain imports for the next six months. In its April economic review, RBF said foreign reserves were $2.2 billion and enough to sustain imports for the next 6.9 months.

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Foreign Reserves Sufficient For Next 6 Months

The Reserve Bank of Fiji says foreign reserves are sufficient to retain imports for the next six months. In its April economic review, RBF said foreign reserves were $2.2 billion and enough to sustain imports for the next 6.9 months.

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Landlords Can Evict Tenants Upon Proper Notice Issued By High Court

Eviction of tenants is only legal if proper notice is provided by the High Court, said the Fijian Competition and Consumer Commission (FCCC) chief executive officer Joel Abraham.

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Article of the Week

Amidst the COVID-19 crisis there is some hope for people with bank loans.

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Prime Minister:Financial Opportunities For Squatters

Frank Bainimarama made the remark at the Fifth Urban Forum at the Tanoa International Hotel in Nadi yesterday .

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Veivauceva Settlement residents a step closer to obtaining land lease

Residents of Veivauceva Settlement in Tacirua are now a step closer to gaining titles for the land they currently occupy.

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Some major Budget announcements

The 2019/2020 National Budget has been announced with many initiatives focusing on protecting our environment, expansion of ECAL or the Environmental and Climate Adaptation Levy on goods including vehicles, increased duty on new and used hybrid and non-hybrid vehicles, targeted assistance for people, reduced government expenditure and a target of economic growth for straight 11 years.

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Ministry of Housing to increase supply of housing lots and low cost housing units

Everyone is eagerly awaiting the 2019 National Budget which will be announced tonight at 7.30pm.

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