Real estate activities expected to pick up this year: Komainavoka

The January 2022 Economic Review by the Reserve Bank of Fiji has revealed positive indicators for the real estate sector.

REALB registrar Peni Komainavoka said based on the January 2022 Economic Review, global growth projection for 2023 has been revised upward to 4.8 per cent.

He said this would have a positive impact on real estate sector.

“The January Review also highlighted the expansion in new loans scheme for investment activity by 7.8 per cent, which is driven by higher lending to the building and construction category (+17.9 per cent).

“This is an incentive and boost for the building industry and current housing stock in the market.”

Mr Komainavoka adds that real estate activities are expected to pick up this year as various sectors of business activities grow.

As COVID restrictions ease and with targeted policy approach introduced by Government on key demand drivers, Mr Komainavoka said this would also have a positive impact on real estate activities in 2022.

REALB have also recorded that Fiji’s monthly property sales data for November and December 2021, indicated that real estate activity has picked up and progressed to pre-pandemic level.

“This is a good indicator of the trend developing in 2022.

“It is a positive sign of increased market activity and which is likely to continue in 2022.

“It also demonstrates a good correlation with the Government initiatives and forecast on positive economic projections,” he said

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