Increase in property listings: Khan
Director Bayshore Real Estate Arif Khan says the increase is predominantly from the western division- the tourism hub which has significantly been affected by the COVID-19 pandemic.
Khan says many rental properties are now vacant due to the tight budget of Fijians.
“Some are able to survive by pulling resources together, others are living to stay with their parents and some are even going to their villages. There is an increase in the number of listings because of job losses.”
Khan says while agent activities have increased, the market has slowed down due to the pandemic.
The Real Estate Agents Licensing Board believes it will take more than 6 months for the sector to recover.
“There will be a big impact on the real estate agents and in terms of the income that they will derive from the real estate dealing. We hope this will pick up in 6 months or so.”
The REALB believes with uncertainty in the market due to the deadly virus Fijians are hesitant to deal with properties.
