Democracy has brought good news for real estate markets in Fiji.
After suffering hard times during the past decade, Fijis property markets are rapidly recovering with big housing developments meeting sudden demand not only from locals, but from overseas buyers as well.
General elections in September re-established democracy in Fiji after eight years under an interim government following a coup in 2006.
Prime Minister Voreqe Bainimarama, the former military commander who carried out the coup, took the reins with a promise to provide stable governance, and in just two months his promise has worked wonders for the real estate industry.
Experts feel the revival was not unexpected. Property prices remained at such lows over the past few years that growth was now the only possibility.
Real estate agents are reporting sudden demand for residential as well as commercial properties, especially from overseas buyers. Buyers from New Zealand and Australia are particularly showing interest. Americans are also showing interest and there has been a significant increase in inquiries and sales activity from Chinese investors, particularly in the development sector.
Though stability has been the major reason behind positive sentiments in the market, agents say that it is not the only factor.
After the military coup, tourism industry was hit hard. But now the tourists are coming back. There has been an increase in number of overseas tourists over the past few months. Its been a major reason behind revival of the real estate market here, says an agent.
The improving global economic outlook, low property prices in Fiji, and the possibility of good returns are other reasons for the recovery cited by experts.