Residential Real Estate - Fiji

Fiji

In Fiji, the Residential Real Estate market market is anticipated to achieve a worth of US$12.68bn by the year 2024.
This projection suggests an annual growth rate (CAGR 2024-2029) of 3.17%, culminating in a market volume of US$14.82bn by 2029.
When considering the global landscape, it is worth noting that China is expected to generate the highest value in the Real Estate sector, reaching a staggering US$112.9tn in 2024.
The demand for luxury beachfront villas in Fiji is surging, driven by international investors seeking prime real estate in the Pacific paradise.

Key regions: Europe, Brazil, France, Asia, United States

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Analyst Opinion

The Residential Real Estate market in Fiji is experiencing steady growth and development.

Customer preferences: Fijian customers have shown a strong preference for properties that offer a luxurious and comfortable lifestyle. They are particularly interested in properties with modern amenities and high-end finishes. Additionally, proximity to beaches and other natural attractions is highly valued by customers in Fiji.

Trends in the market: One of the key trends in the residential real estate market in Fiji is the increasing demand for eco-friendly and sustainable properties. Customers are becoming more conscious of their environmental impact and are seeking properties that are built with sustainable materials and incorporate energy-efficient features. This trend is in line with the global movement towards sustainable living and reflects the growing awareness of environmental issues in Fiji. Another trend in the market is the growing popularity of gated communities and condominiums. These types of properties offer a range of amenities such as swimming pools, gyms, and security services, which are highly appealing to customers looking for a convenient and secure living environment. Gated communities also often have well-maintained common areas and landscaping, which adds to their attractiveness.

Local special circumstances: Fiji is known for its stunning natural beauty and tropical climate, which makes it a popular destination for tourists and expatriates. This has led to an increase in demand for residential properties, particularly in areas that are close to tourist attractions and amenities. The influx of tourists and expatriates has also contributed to the growth of the rental market in Fiji, as many individuals choose to rent properties rather than buy.

Underlying macroeconomic factors: Fiji's stable political environment and strong economic growth have played a significant role in the development of the residential real estate market. The government has implemented policies to attract foreign investment, which has led to an increase in real estate development projects. Additionally, low interest rates and favorable mortgage options have made it easier for individuals to purchase properties, further driving the growth of the market. In conclusion, the residential real estate market in Fiji is experiencing steady growth and development, driven by customer preferences for luxurious and eco-friendly properties. The popularity of gated communities and condominiums is also on the rise, reflecting the demand for convenience and security. The local special circumstances, such as Fiji's natural beauty and the influx of tourists and expatriates, have contributed to the growth of the market. Overall, Fiji's stable political environment and strong economic growth have created a favorable environment for the residential real estate market to thrive.

Methodology

Data coverage:

Figures are based on total and average value of residential real estate, residential estate transactions and leases.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.