Emergence of a new market in the real estate sector
August 15, 2020 4:40 pm
With the COVID-19 impact being felt by all the sectors in the country, the Real Estate industry has seen the emergence of a new market. [File Photo]
With the COVID-19 impact being felt by all the sectors in the country, the Real Estate industry has seen the emergence of a new market.
The Real Estate Agents Licensing Board has noted an increase in demand for and sale of farmland.
Board’s Deputy Chair Hemant Kumar says many Fijians have lost their jobs due to the pandemic and they are now resorting to farming to sustain their livelihoods.
Kumar says the real estate market’s growth is slow, however, the demand for farmland has created activities.
“People in urban centres are now looking at ways to live and farm at the same place so there is always opportunities that can come about like this.”
Board Chair Dr Abdul Hassan says during a talanoa session with the agents, it was revealed that agents in the Western Division are repositioning themselves to create activities in the market.
“We know the obvious reason is that they want to have something of their own in terms of the crops and vegetables that they can plant in the farms that they will buy.”
The ongoing pandemic and its impact on the economy has led to a decrease in property sales and owners who are eager to sell their properties are reducing the prices.