Fiji's real estate industry seriously affected by COVID-19: official

0 Comment(s)Print E-mail Xinhua, February 19, 2021
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SUVA, Feb. 19 (Xinhua) -- The real estate industry in Fiji has been seriously affected by the COVID-19 pandemic, Fiji's Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya said Friday.

Speaking at the third National Real Estate Conference for Agents and Salespersons, the minister said that the COVID-19 pandemic has brought the real estate sector, a key pillar for economic growth in the island country, to near-halt.

According to the economic review by the Reserve Bank of Fiji (RBF), Fiji's central bank, last month, commercial banks' new lending for investment purposes declined by 24.9 percent in 2020, driven by the lower lending to the real estate and building and construction sectors, which registered a 25.7 percent and 23.1 percent drop respectively.

While the Fijian government continues its efforts to create an environment to enable access to affordable homes for the Fijian people, he said, the industry players need to conduct their duties with integrity and high professional standards.

The minister added that amid challenges facing the country's real estate sector, his ministry and the Real Estate Agents Licensing Board of Fiji (REALB) have been working in collaboration on a number of key projects, which are expected to lead to positive reforms strengthening professionalism and transparency in the industry. Enditem

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