Property Market

WITH the constant increase in price of land and housing and the increasing demand from people for affordable housing, the real estate sector in the country has been busy trying to get their share of the booming market and clients. For a small island nation Fiji now has about 230 salespersons and licensed real estate agents however according to the Real Estate Agents Licensing Board there are about 174 valid real estate agents.

A look at the property development market shows that investors and companies have invested heavily into apartment buildings and strata units with each one having their own choice of real estate agent to market the property to potential buyers. Qeleya Point Apartments is one such investment project which is expected to start in the first quarter of 2019 with completion expected within 14 to 18 months thereafter. The development offers 1, 2 and 3-bedroom apartments with price ranging from $628,950 to $1.3 million.

Investors can rent out their luxury waterfront apartment part time and cover the cost of their investment, whilst enjoying the benefits of home ownership. A statement from the project developers — Pacific Building Solutions — said with the Qeleya Point Apartments, investors had the option to buy their own strata titled unit.  “For the same monthly investment, you could purchase a luxury unit and cover the costs of a mortgage. “Here is where it gets even more interesting, with the other 20 days per month you are not staying in your own private place, why not consider renting your place for short term stay on AirBNB. “Even if you only had 10 additional nights booked out through AirBNB, you could turn your investment into positive cash flow to the tune of $3000 — $4000 per month,” it said.

Meanwhile PBS and Hari Punja and Sons Ltd have already started pre-sales on the property and the response from investors had been described as overwhelming. Joint venture partner Rohit Punja of Hari Punja and Sons had earlier said: “We are headed in a direction with our project partners that will see more and more unique, luxury properties being developed in high growth areas. “We continue to lead the market in design, quality and are proud of our achievements in property development to date.” A statement from the joint venture partners earlier this year had said Qeleya Point Apartments also presented a unique opportunity for investors. It said luxury waterfont apartments are highly sought after by expat professionals, local professionals and couples looking for waterfront and lifestyle living options west of Suva.

Source:PBS/Fiji Times 11 September, 2018