The Real Estate sector in Fiji is going through one of its biggest growths in history but the boom is also making it difficult for locals to afford homes.
Real Estate Licensing Board chief executive Ravinesh Murti says real estate is a lucrative industry, and demand has risen over the past twelve years.
Speaking on FBC TV’s 4 The Record programme Murit says property prices are quite high.
“One of the reasons why the demand is high because a lot of people can afford to purchase property. Ten years back people were not able to get a loan for $100, 000. But now a vast majority of people can get a loan of up to $200, 000 – but still the property prices are high.”
Murti says keeping in mind the boom in the industry REALB was formed to stop corruption.
“Basically we cannot regulate the open market of the real estate industry however – we can regulate the scams which are deemed to happen because of the boom in the real estate industry. What we are really concerned about is the valuation practice going on and the prices like the valuation of the prices and then other scams that is happening like the middle men making money which deprives the consumers.”
The Real Estate Licensing Board is warning the consumers not to make a rash decision while purchasing a property…. the advice is to do proper consultation and get factual valuation price of properties before entering into any agreement.
