Sunday, February 25, 2024
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Real estate sector dubbed wealth driver

The real estate sector has been tagged as the single largest component of wealth in the country.

Acting Prime Minister, Manoa Kamikamica highlighted this at a recent Real Estate Conference where he stated that the sector is becoming a hotspot for property investments that has hinged on the growing economy.

Kamikamica said the Fiji Bureau of Statistics 2022 Report on Fiji’s Gross Domestic Product indicates that the real estate sector typically pitches roughly $287 million, or three per cent, towards the economy’s annual output.

He said the contribution to GDP mirrors the value it brings, drawing in investments and nurturing the accumulation of wealth through property ownership.

“The Reserve Bank of Fiji quarterly reports also show that commercial banks’ lending to real estate leapt from $146.4 million in the first quarter to $399 million in the third quarter of 2023.”

Kamikamica said the substantial surge in lending points to a growing confidence in the real estate market, indicates that financial institutions are game to invest in a wider array of real estate projects.

He added that this means a broader playing field and more opportunities for real estate agents to enter into a various property transactions.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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