- Sports News : PNG to support Solomon Islands bid for 2023 Pacific Games [22/05/2019 - Papua New Guinea]
- Sports News : Fiji's World Cup preparations dealt a blow as coach cut from staff [22/05/2019 - Fiji]
- Sports News : Development of women in rugby is the single greatest opportunity for our sport to grow in the next decade' [22/05/2019 - Fiji]
- News : Trump meets Pacific islands leaders to boost U.S ties [22/05/2019 - United States]
- News : Vanuatu PM salutes partnership with NZ [22/05/2019 - New Zealand]
- News : Pacific leaders urge Scott Morrison to act on climate emergency following election win [22/05/2019 - Australia]
- News : The late Dr Jiko Luveni posthumously recognised as a global health hero at the WHO meeting in Geneva [22/05/2019 - Fiji]
- News Feature : Joint Statement from the President of the United States and the Presidents of the Freely Associated States [22/05/2019 - United States]
- Business News : Kina shares plans to become ‘leading bank’ [22/05/2019 - Papua New Guinea]
- News : Tonga PM back at work after treatment [22/05/2019 - Tonga]
- News : High Court rejects petition against PM Sogavare [22/05/2019 - Solomon Islands]
- Sports News : Samoan PM to compete in Pacific Games [21/05/2019 - Samoa]
- Sponsored : Oceania National Olympic Committees (ONOC)
Property.com.fj, Fiji’s leading property portal, has released the results of the 2018 Real Estate Survey.
The survey delivers key information about the property market from the perspective of general public such as the demand for rental and sales, sentiment toward the property market, popular locations to live and financial literacy.
The survey is the first of its kind for Fiji and provides critical insights into the property market for the general public, property developers, banks and the government. Responses were collated from Propery.com.fj’s large database of property hunters, resulting in over 1,000+ people completing the survey during a two week period from the end of July to the 1st week of August.
Survey results show that despite nearly 50% of people believing that property in Fiji is unaffordable, the vast majority of respondents (80+%) intend to purchase a home in the next 18 months, with 64% of people who are looking at buying a house within the next 12 months. This is a very strong indicator of the health of Fiji real estate market. Similarly, 27% of respondents reported high combined fortnightly income of FJD $15,000(US$6,983) or more, showing that with increased income, there is a corresponding hike in the demand.
With Suva being the capital and the business hub of the country, it is not surprising that close to 43% of the respondents are actively seeking to buy property in the City, with 22% of people willing to spend over FJD $500,000 (US$250,000) on their next home purchase. Substantial interest has also been shown in purchasing investment properties, a sign that Fijians are focusing more on wealth creation strategies, rather than purely homes for living.
A notable trend from this Survey is people’s preference to purchase a stand alone houses (51.35% of people), and house in new developments (21.17 %). Property developers should take due note of this and consider focussing future projects toward detached housing.
Apart from the sales market, the Survey also focuses on renting and it is interesting to note that close to 53% of respondents believe that FJD $500 (US$250) per monthly is an affordable amount to pay on rent. This feedback is indicative of a growing demand for affordable housing. However, at the same time, 23.08% of respondents indicated that hat they are able to spend between FJD$1,001(US$500)- $2,000 (US$1,000) per month on a rental home.
The Chief Executive Officer of Property.com.fj, Mathew Care recognises that “The survey results display that Fijians still prefer stand alone houses either in Nadi or in Suva which are becoming the cosmopolitan areas in the country. The 2018 Real Estate Survey together with the revamped Property.com.fj website provides an opportunity for those involved in the real estate sector to understand areas of demand and plan future projects and services.”
Fiji has joined the international community and become increasingly inclined to online activity. As such, more and more people are searching for information about the property market online. This has seen Property.com.fj becoming the major source of property sale information as the survey results show (72.05%).
It is hoped this Survey results will act as a tool for the enhancement of services as well as ensuring infrastructure improvements are implemented in areas of the greatest current and future demand.
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media