Buyers still hesitant to invest, buy properties: Jokhan
I feel it will take some time for the market to pick up. Also looking at the financial institutions interest rate does not help first time home buyers too.
Despite the easing of COVID-19 restrictions, people are still hesitant to invest or buy properties.
According to Jokhan Realtors Pte Limited, there are uncertainties amongst buyers and investors.
Managing director Reginald Jokhan said since the pandemic, there has been a huge decline in the real estate market.
“I feel it will take some time for the market to pick up. Also looking at the financial institutions interest rate does not help first time home buyers too. And the worst is the high cost of building or renovating with such high cost of material,” he said.
He adds the pandemic had forced property owners to take their properties off the market as they were not achieving the right price. Aside from this, he said homebuyers had put their purchases on hold due to the pandemic’s uncertainty. “We had to assist property owners maintain their repayments by lowing our fees / charges and that is how we assisted the property owners to date. We talked to vendors to reduce their rent so at least they can get some income.”
However, Mr Jokhan is hopeful the industry will grow businesses normalizes.
He said business for Jokhan Realtors Pte Limited has picked ip compared to COVID-19 pandemic.
“I believe we are doing good and 2022 looks promising. And in Jokhan Realtors we always stood by our motto “Provide affordable homes to every individual in Fiji”
“The COVID-19 pandemic has changed how we lived, worked, and spent our time. Before buyers needed to visit the real estate property themselves to conduct the buy and sell deals but now, they have the option of doing all these through the many virtual platforms available. It is both bad and good, depending how you see it,” he said.
As business normalises, Jokhan Relators Pte Limited have recorded new and returning foreigners investors looking to buy properties in Fiji.
Jokhan Realtors Managing Director for Jokhan Relators Pte Limited