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Residential Real Estate Leases - Fiji

Fiji

Fiji's Residential Real Estate Leases market market is expected to witness a significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$2.19bn by 2024.
Among the various segments within this market, House Leases dominate with a projected market volume of US$1.92bn in 2024.
Furthermore, it is anticipated that the market will experience a steady growth with an annual growth rate (CAGR 2024-2029) of 2.02%.
This growth rate is predicted to result in a market volume of US$2.42bn by the year 2029.
The demand for residential real estate leases in Fiji has been steadily increasing due to the country's growing tourism industry.

Key regions: Japan, China, Australia, Germany, United States

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Analyst Opinion

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

Customer preferences: In Fiji, there is a growing trend among customers to lease residential properties rather than purchasing them outright. This preference for leasing can be attributed to several factors. Firstly, leasing offers more flexibility for individuals and families who may need to relocate frequently or have uncertain long-term plans. Secondly, leasing allows customers to avoid the large upfront costs associated with purchasing a property, making it a more affordable option for many. Lastly, leasing provides a sense of security for customers who may not be ready to commit to a long-term investment.

Trends in the market: One of the key trends in the Residential Real Estate Leases market in Fiji is the increasing demand for rental properties in urban areas. As the population continues to grow and urbanize, there is a greater need for housing in cities and towns. This has led to a rise in the construction of residential buildings and the availability of rental properties in these areas. Additionally, there is a growing trend of individuals and families opting for smaller, more affordable rental units, as housing affordability remains a challenge for many in Fiji. Another trend in the market is the emergence of co-living spaces and shared housing options. With the rising cost of living and housing in Fiji, many individuals are seeking more affordable alternatives. Co-living spaces provide a cost-effective solution by allowing individuals to share common areas and amenities while having their own private living spaces. This trend is particularly popular among young professionals and students who are looking for affordable housing options in urban areas.

Local special circumstances: One of the unique aspects of the Residential Real Estate Leases market in Fiji is the influence of cultural traditions and practices. In Fiji, it is common for extended families to live together in the same household. This has led to a demand for larger rental properties that can accommodate multiple generations. Additionally, there is a strong sense of community in Fiji, and many individuals prefer to live in close proximity to their family and friends. As a result, there is a demand for rental properties in specific neighborhoods or communities where individuals can maintain these social connections.

Underlying macroeconomic factors: The growth and development of the Residential Real Estate Leases market in Fiji can be attributed to several underlying macroeconomic factors. Firstly, Fiji has experienced steady economic growth in recent years, which has led to an increase in disposable income and purchasing power. This has made renting more affordable for many individuals and families. Secondly, the tourism industry in Fiji has been a major driver of economic growth, attracting both domestic and international tourists. This has created a demand for short-term rental properties, such as vacation homes and holiday rentals. Lastly, the government of Fiji has implemented policies and initiatives to promote affordable housing and improve access to rental properties, further driving the growth of the market.

Methodology

Data coverage:

Figures are based on total and average revenue of residential apartment leases.

Modeling approach:

Market size is determined by a 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 considered at a country-specific level.