Key points
- Raine & Horne reports a 15% increase in property listings and a 10% surge in buyer enquiries since May 2023.
- The proactive efforts of the Fijian Government addressing critical issues such as unemployment and tax reform, coupled with increased allocations for healthcare, infrastructure, and affordable housing, have contributed to growing market confidence.
- Buyers are clamouring for 22 Chameli, Lautoka[i], a contemporary split-level property priced at an affordable FJ$810,000. It offers two distinct flats with investment potential through long-term leasing or Airbnb rentals.
Lautoka, Fiji, (8 May 2024) The real estate market in Fiji is experiencing a significant uptick, with Raine & Horne, a leading Pacific Rim real estate firm, reporting a 15% increase in property listings since May 2023. Buyer inquiries have also surged by 10%.
According to Ms Shyamlee Raju, Director of Raine & Horne Fiji, this resurgence in market activity can be attributed to various factors, including the efforts of the relatively new Fijian Government, which came into power after the general election in December 2022.
“The coalition government has proactively addressed unemployment, and ways to improve the business environment. Increased healthcare, infrastructure, and affordable housing allocations have also contributed to a growing sense of market confidence,” Ms Raju said.
“The political stability has played a vital role in boosting consumer and business confidence, thereby driving increased activity in the real estate sector.”
While the market recovery has been gradual following the COVID-19 slowdown, Mrs Raju remains optimistic about the future of the Fijian economy and real estate market.
“Currently, many buyers are locals, with investors from Australia and New Zealand yet to fully re-enter the market.”
Ms Raju added that tight bank lending has discouraged some buyers from entering the market.
“Thankfully the banks are beginning to relax lending practices and properties priced under FJ$300,00 are affordable for average income earners, but they’re in short supply. Meanwhile, in Suva’s central division, properties over FJ$1 million are selling quickly,” she said.
A property generating significant interest is a three-story investment property located in Vuda Lautoka, valued at FJ$2.18 million (NZ1.610 million).
Market by Mr Mishael Narayan of Raine & Horne Fiji, this property is located off Dreeketi Feeder Road, Vuda. It holds a crown lease and boasts sweeping views of Nadi Bay, Denarau Island, the Mamanuca Group of Islands and the Vuda waterfront.
The ground floor comprises two bedrooms, an open lounge/kitchen/dining area, kitchenette/dining area, two master bedrooms, a shared bathroom, veranda, and an external lavatory.
The first floor features an open lounge/kitchen, dining area, one master bedroom, common toilet & bathroom, one master bedroom, common toilet & bathroom, and a balcony. The second floor Accommodation includes four bedrooms (including a master bedroom), shared bathroom, and surrounding balconies.
Another property attracting buyers is a modern split-level home at 22 Chameli, Lautoka, priced at FJ$810,000 (NZ$602,000)[ii].
Marketed by sales agent Mr Sham Naresh of Raine & Horne Fiji, this property offers two flats catering to modern living and comfort. Positioned above road level, the property boasts panoramic views and comes fully furnished.
The top-level features three spacious bedrooms, including a master bedroom. Two bedrooms have air conditioning, and the master bedroom has a wall fan. The open-plan kitchen and living area are perfect for entertaining, complemented by a contemporary design and unique rock-lined walls.
Italian tiled flooring enhances the interior, while a balcony offers city views and is fully secured.
The ground-level flat comprises two bedrooms, including a master, designed for cosy and functional living. The open plan living, and kitchen area boasts granite countertops and a welcoming atmosphere. A timber-decked terrace provides an outdoor retreat, while the property is fully fenced with an automatic gate and includes two 2000-litre water tanks.
According to Ms Raju, this ground-floor flat was also leased on Airbnb, generating US$100 per night, and is currently on a long-term tenancy for FJ$1,500 per month.
“This property’s investment potential is appealing, especially given its suitability for long-term leasing or Airbnb rentals,” Ms Raju said.
“With its modern amenities, panoramic views, and investment versatility, this property represents a compelling opportunity in Fiji’s evolving real estate landscape.”
