First Home Buyers Top Property Market

First home buyers such as young couples are among the most property buyers in the current market.

The observation has been made by Harcourts Fiji sales and marketing consultant Jasmindar Singh. He says these first time home buyers are looking at their first property investment to which they can call a home, with the preference being a home and income property to assist with repayments.

He indicated these properties are usually priced between $200,000 $400,000.

He said the buyers in this price range are mainly first home buyers with a steady source of income and able to meet the banks criteria for financing as well.

Mr Singh explains that at the start of the pandemic in 2020, the real estate company saw a sharp decline in property purchases primarily because of the uncertainty that one faced.

He said this has also impacted the prices of properties Fiji wide.

“The rental market also took a major blow.

The later part of 2020 thorough to 2021 saw a gradual increase in property enquiries with buyers taking advantage of the opportunities that arose and securing properties,” he said.

Property selling

Before the pandemic, property types varied Fiji wide with property sales ranging from hotels, commercial buildings, strata title units, development sites to home and income opportunities.

Mr Singh said the price range would vary as well depending on the type of property.

“Pre-COVID, the properties that buyers looked at were a mix of commercial, residential investment and first home properties.

“Commercial investors would be looking into the prospects of commercial and industrial developments throughout Fiji.

“Savvy investors in the residential sector would be looking at the future that a location held.

“These would be from a vacant land sold at $100,000 to commercial buildings sold for $3m plus,” he said.

International buyers

While interests from international buyers is lesser in numbers, there are still interests from Fiji citizens working overseas and Foreign Buyers looking at opportunities in Fiji.

Mr Singh said the type of enquiries range from residential properties to commercial opportunities. While the enquiries were less initially, this has started to change over time.

“We have also seen responses from owners residing overseas looking at selling their properties here to capitalize on the opportunities abroad,” he said.

“As with local buyers’ international buyers always look at value for money.

“The demand for affordable housing has always existed in Fiji. Recent times have also seen buyers enquiring into areas such as Pacific Harbor, Navua, Koronivia, Nausori and Nakasi. Most also look at the options of securing vacant lots and building a home to their specifications,” he said.

Real estate sector

However, Mr Singh believes Fiji’s realestate industry has the capacity to meet any new property demands.

“W e see examples developed

Davuilevu, of lots in being

Navua and Nakasi as well as some developers exploring the idea of creating strata title apartments for first home buyers as well as commercial centres,” he said. Since Fiji recorded its first COVID-19 active case, Harcourts Fiji’s sales volume has decreased in its Nadi and Lautoka markets.