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After a three-year hiatus, Raine & Horne will return to “the jewel of the Pacific” in 2024.
The COVID-19 pandemic put a dampener on the Fijian real estate sector, but three years after the pandemic began, Australian brand Raine & Horne is ready to make a comeback in Fiji.
The first office is opening in the city of Lautoka, a major metropolitan area in Western Fiji’s sugar cane belt, while a second outpost is set to open in the capital of Suva in 2024.
According to managing director Shyamlee Raju, rising interest from New Zealand buyers is a key factor behind the Fiji real estate market’s resurgence.
“We’ve been in flux due to COVID-19,” said Ms Raju, who has a decade of experience overseeing property sales in Fiji.
With international tourism making up over a third of the nation’s GDP, border closures and travel restrictions took a toll on the Fijian economy, and the real estate market was no exception.
Now, however, Ms Raju reported that “buyers are showing increasing interest in Fiji from New Zealand”.
“Many are looking at buying lower to mid-range properties, often intending to rent them out on Airbnb,” she revealed. “Airbnb has become a significant player in the Fijian property market.”
Overseas buyers are only permitted to purchase property in Fiji if it is located outside city and town boundaries, with Ms Raju explaining: “To buy a property in Lautoka City, a buyer must be a resident citizen or a permit holder.”
Locals continue to make up the majority of Fijian buyers, with many seeking agricultural land. Ms Raju stated: “Most buyers are locals, often seeking farms of 2 acres or more, with prices ranging from FJ$200,000 (AU$133,555) to FJ$300,000 (AU$200,333).
For Australian and New Zealand buyers, these prices may appear highly affordable, but Ms Raju emphasised that “these are native leases, not freehold land”.
Ms Raju will be joined by former Raine & Horne Fiji managing director CJ Shergill, who will take up a mentoring role for the new sales team.
She explained that she and her team had received encouragement from Raine & Horne executive chairman Angus Raine, who had “kept contacting us and urging us to reopen”.
Mr Raine said: “We are one of the fastest-growing networks in Australia and aim to emulate this globally.”
“Our ambitious growth strategy extends to opening additional offices in Fiji in the coming year,” he stated.
Raine & Horne first began its global expansion in 1989 with the opening of 12 offices in Malaysia, and had its first foray into New Zealand in February 2023.
“We’re ecstatic about our progress, having established 14 new offices in New Zealand since February, and we’ve got many more locked in for 2024,” Mr Raine confirmed.
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