The People’s Coalition Government has repealed the two per cent cap on commissions charged by real estate agents on properties below $500,000.
Acting Prime Minister Manoa Kamikamica revealed this while making a series of announcements and remarks setting the tone for the day-long event at the Fifth National Real Estate Conference held at The Pearl Resort.
He said this decision marks a pivotal moment that amplifies the Government’s support for the real estate industry and its role in shaping the nation’s economic landscape.
He said according to the data released by the Bureau of Statistics, commercial banks’ lending to real estate leapt from $146 million to $399 million and this is a substantial increase 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 – meaning a broader playing field and more opportunities for real estate agents to enter into various property transactions,” Kamikamica said.
He added that real estate sector is tagged as the single largest component of wealth in a country – which holds true for Fiji, fast becoming a hotspot for property investments hinged on our rich cultural heritage and growing economy.
