SUVA, Sept. 23 (Xinhua) -- Fiji's Public Rental Board (PRB) will construct more affordable housing units for families as the demand keeps growing in the island nation every year.
According to Fiji Broadcasting Corporation (FBC), PRB Board Acting General Manager Patrick Veu said Monday over 200 units are needed annually to meet the growing demand of people moving to urban areas for a better lifestyle, education for children and work opportunities.
Financial constraint is one major challenge faced by the PRB to meet the ever-growing housing need, he said, adding that due to financial constraints, the PRB were only able to in the past 20 years or so to construct 495 units.
Veu said they would like to construct 200 to 500 units per year in order to meet the demand out there.
The board is currently constructing more than 30 rental units in Lautoka, the second largest city in Fiji and plans to build 630 more units in the future.
Fiji is facing a high shortage of affordable housing to cater for the growing demands. Majority of Fijians, especially first-time homeowners are willing to cover long distances in search of affordable housing.
Arif Khan, managing director of Bayshore Real Estate, in a report on affordable housing in Fiji said this shortage will still have an impact unless more land and home developers arise.
Khan further expressed that urban market for housing facilities will likely remain high on prices. The properties will also maintain their attractive interests. This is because demand is on a high, outpacing supply in the market.
He noted that housing demands in Fiji would continue rising owing to the current economic indicators. This is partly because of market liquidity and high consumer confidence.
