Fiji Real Estate Market Confidence Returning With Political Stability Boost

The real estate market in Fiji is experiencing a significant uptick, with  Raine & Horne, a leading Pacific Rim real estate firm, reporting a 15% increase in property listings  since May 2023. Buyer inquiries have also surged by 10%. 

According to Ms Shyamlee Raju, Director of Raine & Horne Fiji, this resurgence in market  activity can be attributed to various factors, including the efforts of the relatively new Fijian  Government, which came into power after the general election in December 2022. 

“The coalition government has proactively addressed unemployment, and ways to improve the  business environment. Increased healthcare, infrastructure, and affordable housing allocations  have also contributed to a growing sense of market confidence,” Ms Raju said. 

“The political stability has played a vital role in boosting consumer and business confidence,  thereby driving increased activity in the real estate sector.” 

While the market recovery has been gradual following the COVID-19 slowdown, Mrs Raju remains  optimistic about the future of the Fijian economy and real estate market. 

“Currently, many buyers are locals, with investors from Australia and New Zealand yet to fully re enter the market.” 

Ms Raju added that tight bank lending has discouraged some buyers from entering the market. 

“Thankfully the banks are beginning to relax lending practices and properties priced under  FJ$300,00 are affordable for average income earners, but they're in short supply. Meanwhile, in  Suva's central division, properties over FJ$1 million are selling quickly,” she said. 

A property generating significant interest is a three-story investment property located in Vuda  Lautoka, valued at FJ$2.18 million (NZ1.610 million). 

Market by Mr Mishael Narayan of Raine & Horne Fiji, this property is located off Dreeketi Feeder  Road, Vuda. It holds a crown lease and boasts sweeping views of Nadi Bay, Denarau Island, the  Mamanuca Group of Islands and the Vuda waterfront. 

The ground floor comprises two bedrooms, an open lounge/kitchen/dining area, kitchenette/dining  area, two master bedrooms, a shared bathroom, veranda, and an external lavatory. 

The first floor features an open lounge/kitchen, dining area, one master bedroom, common toilet & bathroom, one master bedroom, common toilet & bathroom, and a balcony. The second floor  Accommodation includes four bedrooms (including a master bedroom), shared bathroom, and  surrounding balconies.

Another property attracting buyers is a modern split-level home at 22 Chameli, Lautoka, priced  at FJ$810,000 (NZ$602,000)ii. 

Marketed by sales agent Mr Sham Naresh of Raine & Horne Fiji, this property offers two flats  catering to modern living and comfort. Positioned above road level, the property boasts panoramic  views and comes fully furnished. 

The top-level features three spacious bedrooms, including a master bedroom. Two bedrooms have  air conditioning, and the master bedroom has a wall fan. The open-plan kitchen and living area are  perfect for entertaining, complemented by a contemporary design and unique rock-lined walls. 

Italian tiled flooring enhances the interior, while a balcony offers city views and is fully secured. 

The ground-level flat comprises two bedrooms, including a master, designed for cosy and  functional living. The open plan living, and kitchen area boasts granite countertops and a  welcoming atmosphere.

A timber-decked terrace provides an outdoor retreat, while the property is  fully fenced with an automatic gate and includes two 2000-litre water tanks. 

According to Ms Raju, this ground-floor flat was also leased on Airbnb, generating US$100 per  night, and is currently on a long-term tenancy for FJ$1,500 per month. 

“This property’s investment potential is appealing, especially given its suitability for long-term  leasing or Airbnb rentals,” Ms Raju said. 

“With its modern amenities, panoramic views, and investment versatility, this property represents a  compelling opportunity in Fiji’s evolving real estate landscape.”