Business

Overseas investors’ interest grows in real estate sector

July 6, 2020 7:13 am

While the COVID-19 pandemic has led to a slowdown in the local real estate sector, it has however created new opportunities for foreign investors to enter the domestic market. 

While the COVID-19 pandemic has led to a slowdown in the local real estate sector, it has however created new opportunities for foreign investors to enter the domestic market.

The Real Estate Agents Association has seen an increase in interest from investors abroad and as a result, two high-end deals worth ten million dollars were sealed in Nadi.

The deal includes one commercial and one residential property.

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Association president Anand Goundar believes the sector will thrive once the borders reopen.

“When we look at our websites we have about 100 to 150 percent increase in the visits by overseas investors. It is some indication that they are interested in Fiji. When the borders are open and we have the flow of people coming in we expect an increase in business from overseas investors.”

Goundar says the effects of the pandemic has affected sales of rental and high-end properties.

“We have seen a slight increase in property sales in the lower end which is between $100,000 to $400,000 properties. But on the rental market, we have excessive inventory now and the rents have dropped significantly.”

He adds while agents are reporting losses ranging from 20 to 90 percent, they have not laid off any staff.