Less land development leads to rise in property price
November 6, 2014 4:03 am
The soaring price of properties in Fiji is becoming a concern for many…. as it is envisaged that an average family will not be able to own a home years down the line.
Real Estate industry stakeholders believe this is only because there is demand for properties in well developed places like the Capital City.
Realtor – Reginal Jokhan of Jokhan Realtors says it is important to note whether the prices are the real reflection of property values.
“The bigger picture is if and unless these valuers don’t put their pen to paper and put that price there – the prices will never go up.”
The Fiji Institute of Valuers and Estate Management president Malvin Anand says it is a worldwide trend – that there is influx of people in developed places.
“Clear case over here in Fiji as in other places as well is the rural urban migration or rural urban drift – what we seeing is people trying to come in – into developed areas so what that does is it puts pressure on the existing stock – so at the end of the day it is the purchasing power of those buyers who can bid for higher prices out setting the ones that cant.”
Anand says there is very little to no new housing subdivisions to match the rise in demands.