Government of the Republic of Fiji
Government of the Republic of Fiji
02/02/2024 | Press release | Distributed by Public on 02/01/2024 21:42
ACTING PM AND MINISTER FOR TRADE, CO-OPERATIVES, SMEs & COMMUNICATIONS HON. MANOA KAMIKAMICA'S...
Chairman and Members of Real Estate Agents Licensing Board, Dr. Ilimotama Cawi,
Chief Executive Officer, Real Estate Agents Licensing Board, Peni Komainavoka,
Permanent Secretaries and Chief Executive Officers,
Real Estate Agents and Salespersons,
Distinguished Speakers and Guests,
Members of the Media,
Bula Vinaka, and a very good morning to you all.
I am honoured to join you once again at the 5th National Real Estate Conference, an eagerly anticipated event organised by the Real Estate Agents Licensing Board (REALB).
Your presence here today is not just about making an appearance but a testament to your commitment to the sector and the vast opportunities it presents in progressing our Nation.
As professionals in your league, today is your day to delve into networking amongst fellow colleagues and on this year's theme -"Real Estate Education and Opportunities." I am confident that the line-up of speakers and industry professionals amongst us will help you soak up the value of this one-day event.
Ladies and Gentlemen,
The real estate sector is tagged as the "single largest component of wealth in a country". That holds true for Fiji, fast becoming a hotspot for property investments hinged on our rich cultural heritage, breathtaking landscapes, and above all, our rapidly growing economy - that all of you contribute to.
The real estate sector is not just an add-on; I see it as a cornerstone of our nation's progress, significantly contributing to economic growth, creating employment, and promoting overall prosperity.
It's definitely more than bricks and mortar and making sales; but about the people who live, work, and play within the spaces you create.
I foresee us diving deep into this during the panel discussion alongside private sector representatives who boast sharp insight into Fiji's investment climate and market dynamics.
Ladies and Gentlemen,
The Fiji Bureau of Statistics 2022 Report on Fiji's Gross Domestic Product tells us that, the real estate sector typically pitches roughly $287 million or 3 per cent toward the economy's output annually.
That contribution to GDP mirrors the value it brings, drawing in investments and nurturing the accumulation of wealth through property ownership.
The Reserve Bank of Fiji's quarterly reports also show that commercial banks' lending to real estate leapt from $146.4 million in Quarter 1 to $399.3 million in Quarter 3 of 2023. Please take a moment to appreciate that.
Ladies and Gentlemen,
This substantial surge in lending points to a growing confidence in the real estate market. It tells us that financial institutions are game to invest in a wider array of real estate projects. This means a broader playing field and more opportunities for real estate agents to enter into various property transactions.
While industry-specific data is very encouraging, let's not forget to tip our hats to all the real estate industry pros-valuers, bankers, surveyors, architects, lawyers, builders, and other key players-who have prevailed tirelessly to build up our real estate sector.
Ladies and Gentlemen,
As we gather here to celebrate and explore the exciting world of real estate, I would reiterate what I said in my maiden speech, where I expressed my unwavering commitment to the growth and prosperity of this industry. Today, I stand before you again, reaffirming that dedication and sharing with you the latest steps we've taken to ensure the vibrancy and fairness of this sector.
I am thrilled to announce that from yesterday, the 1st of February 2024, the 2 percent cap on commissions charged by real estate agents on properties below $500,000 has been repealed. This decision marks a pivotal moment that amplifies our unwavering support for the real estate industry and its vital role in shaping our nation's economic landscape.
Let me reiterate, this does not absolve you from being responsible to you clients and the people of Fiji. The REALB, the Consumer Council and the FIji Consumer and Commerce Commission will still monitor the Agents and the transactions you make with a view to protecting consumers, especially the vulnerable.
Coming back to today's theme, in order to ensure a prosperous and flourishing future for the real estate industry, we must work together and raise our standards, transparency and ethics. Education is key, not just for agents but for buyers and sellers alike. Let's empower everyone with knowledge, making informed and ethical decisions that will become the cornerstone of our industry.
Ladies and Gentlemen,
I've heard a New Zealand Real Estate Institute speaker is slotted for Zoom Session 2 to give us insights on their progress in this space.
In the words of Nelson Mandela, "Education is the most powerful weapon which you can use to change the world." And as we navigate the ever-changing landscapes of the real estate market, let's keep in mind the significance of education and knowledge.
Today, I urge each of you to embrace the opportunities that come with education - constantly refine your skills, uplift your standards, learn from the experiences of others, and always be open to new possibilities. This, my friends, is the direction REALB is steering the industry towards, so let's take full advantage.
In closing, I extend my heartfelt gratitude to REALB for pulling together this National Conference, offering a stage for dialogue and coordination within the real estate industry. I also acknowledge the real estate association's and its members' support during our meeting last year to address industry-specific issues. We're all about keeping that dialogue going and sticking to our commitment to push the sector to new heights.
Ladies and gentlemen, when you peek at the 2024 Conference Program, you will see a roster of speakers who are seasoned professionals in their respective domains. They will tackle crucial topics relevant to the industry today but crucial well into the future. This is your chance to grow your network and level up your business.
I strongly encourage you to stick around for the final session, where speakers from our Government agencies will address matters specific to our industry.
And with those few words, ladies and gentlemen, I officially declare the 2024 National Real Estate Agents Conference open.
Chief Executive Officer, Real Estate Agents Licensing Board, Peni Komainavoka,
Permanent Secretaries and Chief Executive Officers,
Real Estate Agents and Salespersons,
Distinguished Speakers and Guests,
Members of the Media,
Bula Vinaka, and a very good morning to you all.
I am honoured to join you once again at the 5th National Real Estate Conference, an eagerly anticipated event organised by the Real Estate Agents Licensing Board (REALB).
Your presence here today is not just about making an appearance but a testament to your commitment to the sector and the vast opportunities it presents in progressing our Nation.
As professionals in your league, today is your day to delve into networking amongst fellow colleagues and on this year's theme -"Real Estate Education and Opportunities." I am confident that the line-up of speakers and industry professionals amongst us will help you soak up the value of this one-day event.
Ladies and Gentlemen,
The real estate sector is tagged as the "single largest component of wealth in a country". That holds true for Fiji, fast becoming a hotspot for property investments hinged on our rich cultural heritage, breathtaking landscapes, and above all, our rapidly growing economy - that all of you contribute to.
The real estate sector is not just an add-on; I see it as a cornerstone of our nation's progress, significantly contributing to economic growth, creating employment, and promoting overall prosperity.
It's definitely more than bricks and mortar and making sales; but about the people who live, work, and play within the spaces you create.
I foresee us diving deep into this during the panel discussion alongside private sector representatives who boast sharp insight into Fiji's investment climate and market dynamics.
Ladies and Gentlemen,
The Fiji Bureau of Statistics 2022 Report on Fiji's Gross Domestic Product tells us that, the real estate sector typically pitches roughly $287 million or 3 per cent toward the economy's output annually.
That contribution to GDP mirrors the value it brings, drawing in investments and nurturing the accumulation of wealth through property ownership.
The Reserve Bank of Fiji's quarterly reports also show that commercial banks' lending to real estate leapt from $146.4 million in Quarter 1 to $399.3 million in Quarter 3 of 2023. Please take a moment to appreciate that.
Ladies and Gentlemen,
This substantial surge in lending points to a growing confidence in the real estate market. It tells us that financial institutions are game to invest in a wider array of real estate projects. This means a broader playing field and more opportunities for real estate agents to enter into various property transactions.
While industry-specific data is very encouraging, let's not forget to tip our hats to all the real estate industry pros-valuers, bankers, surveyors, architects, lawyers, builders, and other key players-who have prevailed tirelessly to build up our real estate sector.
Ladies and Gentlemen,
As we gather here to celebrate and explore the exciting world of real estate, I would reiterate what I said in my maiden speech, where I expressed my unwavering commitment to the growth and prosperity of this industry. Today, I stand before you again, reaffirming that dedication and sharing with you the latest steps we've taken to ensure the vibrancy and fairness of this sector.
I am thrilled to announce that from yesterday, the 1st of February 2024, the 2 percent cap on commissions charged by real estate agents on properties below $500,000 has been repealed. This decision marks a pivotal moment that amplifies our unwavering support for the real estate industry and its vital role in shaping our nation's economic landscape.
Let me reiterate, this does not absolve you from being responsible to you clients and the people of Fiji. The REALB, the Consumer Council and the FIji Consumer and Commerce Commission will still monitor the Agents and the transactions you make with a view to protecting consumers, especially the vulnerable.
Coming back to today's theme, in order to ensure a prosperous and flourishing future for the real estate industry, we must work together and raise our standards, transparency and ethics. Education is key, not just for agents but for buyers and sellers alike. Let's empower everyone with knowledge, making informed and ethical decisions that will become the cornerstone of our industry.
Ladies and Gentlemen,
I've heard a New Zealand Real Estate Institute speaker is slotted for Zoom Session 2 to give us insights on their progress in this space.
In the words of Nelson Mandela, "Education is the most powerful weapon which you can use to change the world." And as we navigate the ever-changing landscapes of the real estate market, let's keep in mind the significance of education and knowledge.
Today, I urge each of you to embrace the opportunities that come with education - constantly refine your skills, uplift your standards, learn from the experiences of others, and always be open to new possibilities. This, my friends, is the direction REALB is steering the industry towards, so let's take full advantage.
In closing, I extend my heartfelt gratitude to REALB for pulling together this National Conference, offering a stage for dialogue and coordination within the real estate industry. I also acknowledge the real estate association's and its members' support during our meeting last year to address industry-specific issues. We're all about keeping that dialogue going and sticking to our commitment to push the sector to new heights.
Ladies and gentlemen, when you peek at the 2024 Conference Program, you will see a roster of speakers who are seasoned professionals in their respective domains. They will tackle crucial topics relevant to the industry today but crucial well into the future. This is your chance to grow your network and level up your business.
I strongly encourage you to stick around for the final session, where speakers from our Government agencies will address matters specific to our industry.
And with those few words, ladies and gentlemen, I officially declare the 2024 National Real Estate Agents Conference open.