In late July, Raine & Horne Fiji launched offices in Lautoka and Nandi, and will be opening in Suva, Savusavu and Rakiraki, in Fiji’s cane-belt region.
Rakiraki is halfway between Suva and Nandi, on Kings Road, and future development is expected to take off there. It will be mostly leasehold title, although there are some chunks of freehold land in Rakiraki, too, noted Director, CJ Shergill, who has launched Raine & Horne Fiji along with his business partners, Sanjay Krishnan and Aveet Goundar.
Raine & Horne Fiji plans to establish offices in Vanuatu, the Solomon Islands and Samoa, as there is substantial trade and commerce opportunities between these countries. To support this growth, CJ said the current team will be extended from 10 licensed real estate agents to 30.
There are also plans to build Raine & Horne Fiji’s portfolio of investment properties, although property management is still in its infancy in Fiji. “There is room for big real estate brands such as Raine & Horne in Fiji and the Pacific region, as there are many smaller players in local markets. The delivery of commercial broking services are other opportunities that Raine & Horne could deliver to Fiji through its broking arm, Our Broker,” said CJ.
Changing face of Fijian real estate
Raine & Horne Fiji is launching at a time when cultural shifts are changing the Fijian property market. In the past, a father would decide where family members would live in Fiji. This is changing and Fijian Millennials are making their own decisions about where they want to live and buy property, according to CJ. “If you are a younger person buying residential property in Fiji, you should look at native title properties, which have more affordable 99-year leases.
A freehold three-bedroom house in Martintar, near Lautoka, for example, will be FJ$450,000 (AU$283,000) to FJ$500,000 (AU$315,000) and the land will be FJ$250,000 (AU$157,000). A quarter-acre block in the same region on a leasehold arrangement will cost between FJ$70,000 (AU$44,000) and FJ$150,000 (AU$94,000), and it will be FJ$120,000 (AU$76,000) for a house. This appeals to younger buyers.”
Advice to foreign buyers
If you’re thinking about adding a property in Fiji to your property portfolio, it’s worth noting that foreigners can only buy “freehold,” land which is 9% of the total land in Fiji. Foreigners are allowed to buy this type of land, but if they wish to buy over one acre, this must be approved by the Minister of Lands. Foreigners have the right to buy apartments in Fiji, but this category of real estate is still in its infancy. To find out more about buying real estate in Fiji, contact Raine & Horne Fiji on (+679) 708 8888 or (+679) 908 2284