Fiji Realestate Market Update
6013 properties sold in the past three years
The real estate industry has expanded steadily over the years and continues to grow, according to the Real Estate Agents Licensing Board (REALB).
It said the first three months of the year recorded more property sales compared with the same period in the past two years.
In response to questions sent to the REALB, it said industry data collected by the board showed that between August and October this year, about 573 properties were advertised in the newspaper.
According to statistics shared by the REALB there were 6013 properties sold between 2018-2021 with property sales worth $1681.83 million.
The board added that majority of the property sales were from the Central, Eastern, Western and Northern divisions with most of these properties being single-storey homes.
It further said Central Division’s hotspot locations were Pacific Harbor, Domain in Nasese, Wanibuku Subdivision, Tacirua East Subdivision, Davuilevu, new subdivisions in Nausori, Laucala Beach, and Nadawa.
The board also noted that the growth in the sector was consistent with improvements in economic indicators as shown in the Reserve Bank of Fiji September, 2022 Economic Review which highlighted an annual growth in investment activities in the real estate industry.
Meanwhile the REALB continues to be confronted by cases of bogus real estate agents. The REALB received three bogus agent cases this year which were reported to police for further investigation.
“Major areas of concerns for REALB are unethical practices within the real estate industry, issues surrounding landlord and tenancy involving real estate agents or salespersons, and the need to raise greater public awareness on real estate issues.
“REALB is responsible for overseeing the licensing of real estate agents and salespersons as well as the disciplinary process for those who violate the Real Estate Agents Act 2006,” it said.
The REALB has 86 real estate agents and 353 salespersons.
Credit: The Fiji Times
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