THERE is no appreciation on the value of property in Fiji, says Attorney-General Aiyaz Sayed-Khaiyum.
He highlighted this at the 21st Attorney-General’s Conference at the Natadola’s InterContinental Fiji Golf Resort and Spa.
While acknowledging the four speakers who elaborated on Property Opportunities – Strata Title Ownership, Mr Sayed-Khaiyum said this was an area that needed to be talked about most often in Fiji.
“The reality in Fiji is that we do not have a culture of people who have properties below the age of 30 and we want to encourage them to do so,” Mr Sayed-Khaiyum said.
“In Fiji there is no appreciation on the value of property.
“This would require a mindset change.”
The strata title ownership — a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas — was discussed at large at yesterday’s conference.
Senior lecturer in the Faculty of Business and Law at the Australia’s Deakin University Dr Nicole Johnston said Fiji might need to look properly at the benefits and challenges of such model should they wish to adopt them.
She highlighted that while it maybe the way to go in this growing world, it should also be noted that it had challenges in itself.
“When you are just taking another structure from another country and use it in your country, it should be looked at very properly,” Dr Johnston said. “It’s about how you make good.
“Fiji can learn from the South-African model which also had some cultural challenges similarly to Fiji and they had to deal with different kind of bylaws to accommodate how people live.”
Speakers on the topic included Ramesh Patel — a partner with R Patel Lawyers, Sydney, Australia strata title lawyer Thomas Bacon and International Finance Corporation investment officer Ritesh Vij.
