Lengthy deal processes impacts potential clients

February 1, 2024 12:09 pm

[Source: WLTX]

The real estate agencies in the country state that the processes involved in settling deals are lengthy.

Managing Director of Bayleys Real Estate Limited, Philip Toogood says there is a significant interest in Fiji, particularly in the tourism sector.

Toogood emphasizes that Fiji’s proximity to New Zealand and Australia makes it highly attractive for buyers in the leisure market.

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However, he adds that although the processes are crucial, they can sometimes impact deals, leading to the loss of potential clients.

“The processes are all necessary, in a sense, to transfer for native land and Crown land, all very necessary, but take time. Consent from the Minister to deal with offshore buyers, again, very necessary, but takes a lot of time. And so people sometimes get frustrated by that. So that puts them off.”

Bayshore Fiji Real Estate Director Arif Khan shares similar sentiments.

“The other one is lengthy time frame in settlements. You know, a settlement could take months and months, you know. So if you close a transaction quicker, the presentation of money within the economy is faster, you know. So, again, that creates a win-win situation.”

The Ministry of Trade and Commerce has been working with all relevant stakeholders to streamline processes in an effort to strengthen the ease of doing business in Fiji.

The two real estate agents based in the west say that the industry is thriving, with substantial offers and interest coming from buyers in the tourism sector.