Real estate puts $287 million or 3% towards GDP - Acting PM

Real estate puts $287 million or 3% towards GDP - Acting PM

By Alipate Narawa
Friday 02/02/2024
[Image: File]

The Fiji Bureau of Statistics 2022 Report on Fiji’s Gross Domestic Product tells us that, the real estate sector typically pitches roughly $287 million or 3 percent toward the economy’s output annually.

Acting Prime Minister and Minister for Trade, Manoa Kamikamica highlighted this today at the National Real Estate Conference at the Pearl Resort, Pacific Harbour He says that the contribution to GDP mirrors the value it brings, drawing in investments and nurturing the accumulation of wealth through property ownership.

Kamikamica says the Reserve Bank of Fiji's quarterly reports also show that commercial banks’ lending to real estate leapt from $146.4 million in Quarter 1 to $399.3 million in Quarter 3 of 2023.

He says this substantial surge in lending points to a growing confidence in the real estate market. It tells us that financial institutions are game to invest in a wider array of real estate projects.

The real estate sector is tagged as the single largest component of wealth in a country, that holds true for Fiji, fast becoming a hotspot for property investments hinged on our rich cultural heritage, breathtaking landscapes, and above all, our rapidly growing economy — that all of you contribute to. Kamikamica says it is definitely more than bricks and mortar and making sales; but about the people who live, work, and play within the spaces they create.

The Acting Prime Minister says this means a broader playing field and more opportunities for real estate agents to enter into various property transactions.

He says while industry-specific data is very encouraging, let's not forget to tip our hats to all the real estate industry pros—valuers, bankers, surveyors, architects, lawyers, builders, and other key players—who have prevailed tirelessly to build up our real estate sector.

Kamikamica says he is thrilled to announce that from yesterday, the 1st of February 2024, the 2 percent cap on commissions charged by real estate agents on properties below $500,000 has been repealed.

The Acting Prime Minister says this does not absolve agents from being responsible to their clients and the people of Fiji.

He says the Real Estate Agents Licensing Board, the Consumer Council and the Fijian Competition and Consumer Commission will still monitor the agents and the transactions they make with a view to protecting consumers, especially the vulnerable.

He adds education is key, not just for agents but for buyers and sellers alike, so let us empower everyone with knowledge, making informed and ethical decisions that will become the cornerstone of our industry.

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