High housing demand in Fiji
Fiji is facing a high shortage of affordable housing to cater for the growing demands. Majority of Fijians, especially first-time homeowners are willing to cover long distances in such of affordable housing.
According to Arif Khan, the managing director of Bayshore Real Estate, this shortage will still have an impact unless more land and home developers arise. This was in response to housing trends in Fiji, especially for first-time owners. Mr. Khan further expressed that urban market for housing facilities will likely remain high on prices. The properties will also maintain their attractive interests. This is because demand is on a high, outpacing supply in the market.
Mr. Khan said that tax incentives would greatly encourage the development of housing properties in the suburbs and town outskirt areas. He cited Nadi area saying that it had excellent options of house affordability for buyers. Additionally, Nadi is conveniently located with only a short distance from the Nadi International Airport.
Arif Khan explained that reports indicated that first time owners were willing to travel long distances in search of housing facilities in areas like Nadi. However, the percent of interested buyers would be higher if there were other incentives such as shopping malls in the area. Mr. Khan said that there was, therefore, a great need for city planners to develop more settlement suburbs. Land packages and tax incentives for builders were also crucial in general development plans.
He noted that such trends were slow but had good profits for developers. He also said that buyers were willing to spend on suitable housing properties. This is despite the cooling market on demand for luxurious and high-end properties. In Nadi, housing demands ranges from $300,000 to $400,000. This is a new record. Other areas like Votualevu are also facing increased housing demands.
Mr. Khan noted that sellers were controlling the property prices whereby they positioned themselves to accept the best and highest offers. He also noted that housing demands in the country would continue rising owing to the current economic indicators. This is partly because of market liquidity and high consumer confidence.