Commission rates repealed

THE commission rates charged by real estate agents for residential properties in Fiji has been repealed by the Coalition Government.

This was announced by Acting Prime Minister Manoa Kamikamica while opening the fifth National Real Estate Conference at the Pearl Resort in Pacific Harbor on Friday.

Mr Kamikamica said the two per cent cap on commission charged by real estate agents on properties below $500,000 was removed from February 1.

“The decision marks a pivotal moment that amplifies the ministry’s unwavering support for the real estate industry,” he said.

“It plays a vital role in shaping the country’s economic landscape.”

Mr Kamikamica said despite the lack of consultation prior to the introduction of the two per cent cap, new laws will only be introduced after proper consultation.

“We will bring in laws that are practical that makes sense and obviously fuelled the economic growth that we feel this country richly deserves and can achieve.”

Mr Kamikamica also reminded the realtors while the change was significant that should not prevent them from being responsible to their clients.

He added the Real Estate Agents licensing Board (REALB), the Consumer Council of Fiji, and the Fiji Consumer and Commerce Commission would continue to monitor the agents and transactions to protect consumers.

In response to this decision, Realtor Arif Khan commended the effort of the Government in the removal of the two per cent cap.

Mr Khan said they would continue to work with Government to improve their industry.

The theme of the one-day conference was ‘Real Estate Education and opportunities’ in which Realtors participated in a dialogue focused on improving the real estate industry in Fiji through education and knowledge sharing.

The decision marks a pivotal moment that amplifies the ministry’s unwavering support ...

– Manoa Kamikamica