Data: Supply of properties up

DATA on the number of completion certificates issued suggest that the supply of properties has increased gradually in recent times, says central bank deputy governor Ariff Ali.

He said the number of building permits issued, a partial indicator, had been generally growing since 2010.

This, he said, implied that more properties would be built in the near to medium term.

“Similarly, lending to the real estate sector and to individuals for private dwellings has risen markedly since 2010,” Mr Ali said.

Mr Ali said the Reserve Bank of Fiji’s monitoring of the real estate industry was similar to what they did for construction.

Partial indicators sourced from the Fiji Bureau of Statistics such as the number of building permits and completion certificates issued helped gauge the supply of real estate.

“Data on new lending by commercial banks for real estate activity and information on property sales around Fiji sourced from the valuations office of the Lands Department is analysed to assess real estate demand,” Mr Ali said.

“We also undertake surveys and industry meetings and liaisons to gauge stakeholder sentiments, industry intentions and outlook.”

As was the case with most of their sectoral monitoring, Mr Ali said, data availability was a key challenge and frequent liaison throughout the year to get feedback on industry developments and in-house surveys were ways which the bank tracked real estate developments.

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