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15th of August 2018

Fiji News



Fijian Real Estate Future Is Bright: Tuimanu

REALB acting chief executive officer Virisila Tuimanu during the Bay Shore Fiji Real Estate awards night at the Tanoa International Hotel Nadi on June 30, 2018. Photo: Waisea Nasokia

Those interested to be part of the real estate sector has to have appreciation and has to stay upbeat with the current on laws relating to it in Fiji.

The Fijian real estate future remains bright.

Its future is boosted with confident, experienced and hard-working practitioners on the ground. Those were the remarks made by Real Estate Agents Licensing Board of Fiji (REALB) acting chief executive officer, Virisila Tuimanu during the inaugural Bayshore Fiji Real Estate annual awards night at the Tanoa International Hotel Nadi last Saturday.

She said the real estate industry was an important part of the Fijian economy, with the Government’s recent Budget 2018-2019 announcement, it had allocated $15 million towards the first home owners grant – formerly the First Home Buyers Grant.

First time buyers with an annual income under $50,000 will receive $15,000 towards the construction or $10,000 towards purchase of their first homes.

Those who earn between $50,000 a year and $100,000 a year, also qualify for this grant assistance with $10,000 provided for the construction of a new home or $5000 for the purchase of their first home.

Those who earn between $50,000 a year and $100,000 a year, also qualify for this grant assistance with $10,000 provided for the construction of a new home or $5000  for the purchase of strata titles developed and approved by institutions like Housing Authority will be considered at the same rate as the construction of a new home.

“The growth of the real estate industry is closely linked to the performance of the economy – a strong economy leads to strong growth in the real estate industry,” Ms Tuimanu said.

She added purchasing a home is the single biggest financial commitment most Fijians will make in their lifetime with the average home cost now approaching $250,000.

“The future of the Fijian real estate future is bright.

“The future is boosted with confident, experienced and hard-working practitioners on the ground.

“The industry will find itself in a rapid economic and social change which will also be evident in the other industries – for example the construction industry.

“Globally, the real estate landscape is changing and will have substantial implications for the real estate investment community.

Training package

“This is an investment commitment that most Fijians will spend half their working lives paying off.

“This places enormous responsibility on the person their put their trust in to assist them with this commitment,” Ms Tuimanu said.

Furthermore she added those interested to be part of the real estate sector have to have appreciation and have to stay upbeat with the current laws relating to it in Fiji.

Secondly, education, training, practise, mentoring makes perfect.

“The board is looking into finalising a training package for salesperson which will assist in everyone’s professional development. This should be finalised soon,” she said.

On the local front, the REALB licensing board has in the last 12 months granted 74 real estate agents licences and 212 salesperson approvals.

Of the total 286 licensed real estate agents and sales persons, 188 (67 per cent) are males and 95 (33 per cent) are females, basically one third of the total in Fiji.

Women have made remarkable progress into the male dominated fields, such as medicine, business or law.

“Commentaries have noted that many highly successful women have found the world of real estate is ideally suited to a woman’s touch. Women can be more flexible and more organised and responsive to clients,” she said.

Feedback:  waisean@fijisun.com.fj

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