FIJI: Record Economic Growth Forecasted for 2016 (and Beyond)
To many Americans, Fiji is generally viewed as an exotic, faraway island retreat. To Westerners, it is not as well known as the Caribbean, or even new “resort frontiers” like Costa Rica. That’s about to change, however, as Americans are beginning to understand what the other part of the world—Aussies, Kiwis, and the Chinese—already know: that Fiji is fast becoming recognized as a prime location to buy or build a primary or second home. This is due to a number of factors, including: its tropical, year-round weather; picture-perfect, sun-drenched beaches; the genuine hospitality of the Fijian people; and the island’s booming economy. The latter is causing families and investors to realize one important fact: now’s the time in Fiji.
Fiji is on a serious roll
According to a report from the Reserve Bank of Fiji (RBF), the island, or rather, chain of islands, is expected to see a 6% increase in economic growth in 2015. Ariff Ali, RBF’s Deputy Governor reported that tourism has increased steadily for the first seven months of the year—9.7% over and above last year’s numbers. Earnings over the same time period are expected to jump 10.6%, with a forecast of $1.5 billion.
And there’s more good news. According to the report, the Net Value-Added Tax (VAT) increased by 10.6% for the first seven months, while personal remittances were at a record high with a 34.9% increase. Mr. Ali affirmed that personal remittances were “projected to amount to more than $600 million this year, compared with roughly $400 million recorded last year.”
It’s time to think about Fiji
Whether its business or pleasure, Fiji has certainly come into its own from a real estate buyer’s perspective. The healthy economy coupled with the endless array of beachfront activities, water sports, and outdoor recreation make for a one-of-a-kind island getaway. As Chris Fundanish, of Nanuku Fiji, summarized, “It’s the right time for people to look at Fiji. The government is stable. The economy is booming. And the opportunities, for both families and investors, are quite attractive. We have already seen an increase in activity over the past few months and that will only increase. There is a limited window of time at Nanuku. And this is it, right now.”