Tourism boom drives real estate growth in West

January 22, 2024 6:07 am

[Source: Tourism Fiji/ Facebook]

Nadi is experiencing an increase in real estate activity driven by record-breaking visitor arrivals.

This is according to Bayshore Real Estate Director Arif Khan who says the lack of hotel rooms to accommodate the influx of tourists has created a unique situation.

Khan says there has been a pent-up demand across the board for residential and commercial properties in the Western Division.

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“We are all aware there’s a shortage of hotel rooms, which actually has put pressure on apartment units. The hotel is not able to cater. The landlords have turned into available service of providing short-term apartment service, for example, Airbnb, which is much needed “

Khan says first-time buyers are also entering the market.

“The tenants are looking for places. So there’s a pent up demand for apartment units. There’s demand, given the low interest rates and the liquidity, there’s a pent up demand for first time buyers. We see that. So all in all, I think the real estate economy in the west, there is a growth, definitely a growth market.”

Khan adds the rise in tourism presents significant opportunities for economic growth and job creation, benefiting both local residents and investors alike.