The commission charges for real estate agents will be no more than three percent for any property that is $1.5m or less.

Minister for Economy, Aiyaz Sayed-Khaiyum says there have been serious issues of price gouging in the real estate market and instances of collusion.

He adds this is driving up the prices of homes that every day Fijians are looking forward to buying.

Sayed-Khaiyum says they have seen commission rates as high as eight percent.

“Today as we know a real estate agent can simply take a photograph of your house on their phone and put it on Facebook. The cost of them advertising is practically zero. Then they come and claim 8 percent from the person for whom they sold the house, or five percent or three percent.”

Sayed-Khaiyum says this is pushing up the prices of real estate in the country and ordinary Fijians are paying the price.

He adds there is a general consensus among stakeholders such as the Real Estate Agents and Licensing Board, property developers, architects and engineers to regulate the commission rates.