IT must be noted that real estate is the single largest component of wealth in a society.
It plays a key role in shaping the economic conditions of families and people.
It can highly influence a community’s ability to finance all important needs.
Changes in the value of real estate can heavily affect the wealth of business operations and their capacity to grow.
Many researchers believe prominence of real estate means that decisions on this unique asset are also important.
For individual, community and whole populations, better decisions about the use of real estate will result in better and greater productivity, greater wealth and improved set of choices for life.
In many developed countries such as the US, nearly a third of domestic product (GPD) is generated through real estate, creates jobs for millions of people and is the source for 70 per cent of local government revenues.
The total contributions of the housing sectors are over 20 per cent of GPD.
Because of the significant influence of the real estate on the national economy the investors closely monitor real estate activities and real estate sales figures.
These figures are widely accepted as leading economic indicators.
Analysis of the sales figures between January to June 2015 shows there were 660 sales of real estate properties in Fiji over this period.
Of these sales, 47 per cent was completed on freehold land with total property valued at about $147. 2 million.
The second largest sales were on other types of leases (Housing Authority and private) that represented 31 per cent and with a market value at $21.6m.
Native leases comprised 12 per cent and crown leases represented 10 per cent of the total sales figures.
Divisional level sales statistics Jan-June 2015
At divisional level the highest number of sales took place in the Central/Eastern divisions (360 or 54 per cent) and the second highest was in Western Division that represented 32 per cent of the total sales figures. The balance of 14 per cent was for Northern Division.
Sales statistics in local council areas
Jan- June 2015
In the local council areas the highest level of sales was in Nasinu Town that represented 28 per cent of the sales for this period. Suva City was 25 per cent then followed by Lautoka City at 18 per cent of the total sales in the local council boundaries.
Rural sector sales, January-June 2015
In the rural sector the highest number of sales was in Nadi rural that represented 18 per cent of the total sales of rural sector.
The second highest was in Navua Rural equating to 14 per cent and the third was in Labasa Rural (12 per cent).
It is interesting to note that there is hardly any difference between the sales figures of urban areas and rural sectors.
Data analysis showed that urban sector commanded 51 per cent of the total sales for this period while the rural sector (including some peri- urban areas) represented 49 per cent of the total figures on properties that changed hands in this period.
