Low home ownership a real concern

May 27, 2022 12:20 pm

The low rate of home ownership in the country is a major concern says Minister for Economy, Aiyaz Sayed-Khaiyum.

Speaking at the 4th National Real Estate Conference in Nadi, Sayed-Khaiyum highlighted this is why they have been looking at ways to attract people in buying properties.

He adds this will not only benefit individuals and families but the economy as well.

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Sayed-Khaiyum says the main target also is to get young people to invest.

“We should be inculcating in their minds that the first thing they should do is to buy a house or an apartment that they own for 99-year strata title. Now that culture is not there of owning a home. I’m sure that many of you would know that many people who do buy homes tend to be over the age of 30 we don’t actually have younger people single, young Fijians male or female buying their property.”

Sayed-Khaiyum also told real estate agents they need to think outside the box and get more ordinary Fijians to own strata titles.

Strata title is a form of ownership for multi-level apartment blocks and subdivisions with shared areas.

“Most of you when you think about selling a home you think of a block of land with a house in the middle of that block of land you are not thinking of strata title only those of you who are work in the top end look at strata titling and look at strata titles at Radisson, Hilton and what have you but nobody is thinking nor have we heard from any real estate agent any input or what their views are for example regarding strata titling selling to ordinary Fijians.”

Sayed-Khaiyum adds owning a property will also ensure Fijians have an asset base.