Property.com.fj, Fiji’s leading property portal, is pleased to release the results of the 2018 Real Estate Survey. The survey delivers key information about the property market from the perspective of general public such as the demand for rental and sales, sentiment toward the property market, popular locations to live and financial literacy.
The survey is the first of its kind for Fiji and provides critical insights into the property market for the general public, property developers, banks and the government. Responses were collated from Propery.com.fj’s large database of property hunters, resulting in over 1,000+ people completing the survey during a two week period from the end of July to the 1st week of August.
Fijians intend to buy within 18 months despite market's unaffordability
Survey results show that despite nearly 50% of people believing that property in Fiji is unaffordable, the vast majority of respondents (80+%) intend to purchase a home in the next 18 months, with 64% of people who are looking at buying a house within the next 12 months. This is a very strong indicator of the health of Fiji real estate market. Similarly, 27% of respondents reported high combined fortnightly income of FJD $15,000 or more, showing that with increased income, there is a corresponding hike in the demand.
With Suva being the capital and the business hub of the country, it is not surprising that close to 43% of the respondents are actively seeking to buy property in the City, with 22% of people willing to spend over FJD $500,000 on their next home purchase. Substantial interest has also been shown in purchasing investment properties, a sign that Fijians are focusing more on wealth creation strategies, rather than purely homes for living.
Stand alone house and new developments preferred property types
A notable trend from this Survey is people’s preference to purchase a stand alone houses (51.35% of people), and house in new developments (21.17 %). Property developers should take due note of this and consider focussing future projects toward detached housing.
Apart from the sales market, the Survey also focuses on renting and it is interesting to note that close to 53% of respondents believe that FJD $500 per monthly is an affordable amount to pay on rent. This feedback is indicative of a growing demand for affordable housing. However, at the same time, 23.08% of respondents indicated that hat they are able to spend between FJD$1,001 - $2,000 per month on a rental home.
The Chief Executive Officer of Property.com.fj, Mr Mathew Care recognizes that “The survey results display that Fijians still prefer stand alone houses either in Nadi or in Suva which are becoming the cosmopolitan areas in the country. The 2018 Real Estate Survey together with the revamped Property.com.fj website provides an opportunity for those involved in the real estate sector to understand areas of demand and plan future projects and services.”
Fiji has joined the international community and become increasingly inclined to online activity. As such, more and more people are searching for information about the property market online. This has seen Property.com.fj becoming the major source of property sale information as the survey results show (72.05%).
It is hoped this Survey results will act as a tool for the enhancement of services as well as ensuring infrastructure improvements are implemented in areas of the greatest current and future demand.