Real estate prices unrealistic: Realtor
November 3, 2014 12:06 am
Long time real estate company Jokhan Realtors says overseas real estate agents are to some extent responsible for the hike in prices of properties.
Speaking on FBC TV’s 4 The Record programme last night Reginald Jokhan said houses in prime locations some twelve years back were affordable.
He argues that when local agents were only operating in Fiji properties rarely crossed the $350, 000 mark.
Jokhan says things changed when overseas real estate agents were allowed to operate in Fiji.
“If you go back and look at the record you will clearly see – if you look at the sales date that the Land Department provides you can’t see any sales at that time when we were into operation any properties hitting over $300, 000 and our children could afford it at that time.”
Jokhan also pointed out the increase in sale of properties is not directly benefiting the Fijian economy.
“If you look at sales who are the people that are selling properties? These are the people that are migrating – How does the country benefit? From the stamp duties – where is the money going? It is not staying back in Fiji. So how would Fiji benefit apart from the duties, apart from the legal fees and apart from the agents that sell and pay taxes. So if you look at the country benefiting there is a big question mark over there."
The chief executive of Real Estate Licensing Board – Ravinesh Murti says real estate has now become a lucrative business in Fiji and the prices largely depend on the demand and supply.