Raine & Horne Fiji Emerges Stronger as New Zealand Buyers Seek Holiday Investments

Raine & Horne, a well-known brand in the Fijian real estate sector, is pleased to announce its successful comeback to the market following a substantial three-year pause imposed by the widespread effects of the COVID-19 pandemic.

The reemergence of Raine & Horne Fiji coincides with a growing influx of New Zealand buyers into the jewel of the Pacific.

Raine & Horne Fiji is led by Managing Director Ms Shyamlee Raju an experienced real estate professional and the reopening of the business marks a crucial step towards revitalising the island nation’s real estate sector. Previous Managing Director Mr CJ Shergill will continue to support the business in a mentoring role to the sales team.

The Fijian economy, heavily reliant on international tourism, faced a substantial setback due to the pandemic. With international tourism accounting for 38.9% of the gross domestic product in 2019 and 35.5% of total employment, the closure of borders and travel restrictions significantly affected the nation’s economic landscape, including the real estate markets[i].

Suva expansion is the next step

Raine & Horne Fiji is relaunching its operations from its prime location at 30 Malamala Street, Lautoka. Additionally, plans are underway to re-establish a second office in the capital city of Suva in 2024, demonstrating the real estate super brand’s commitment to providing comprehensive real estate services across the country.

Ms Raju with a decade of experience in Fijian real estate, states, “We’ve been in flux due to COVID-19, and the reopening will mark a significant moment for Raine & Horne in this region.”

A well-regarded leader Ms Raju expressed gratitude for the encouragement from Angus Raine, Executive Chairman Raine & Horne, saying, “Angus kept contacting us and urging us to reopen. We will once again be offering sales and property management services.”

Global expansion blueprint to success

Raine & Horne is a fourth-generation family-owned and operated business founded in Australia 140 years ago. It launched its global network in 1989 when it established 12 offices in Malaysia.

In February 2023, the super brand expanded its international office network into New Zealand, marking an exciting milestone. "We're ecstatic about our progress, having established 14 new offices in New Zealand since February, and we've got many more already locked in for 2024," confirmed Mr Raine.

Mr Raine, a frequent visitor to Fiji, affirmed, "Our ambitious growth strategy extends to opening additional offices in Fiji in the coming year.

“We are one of the fastest-growing networks in Australia and aim to emulate this globally.

“Australia is a global leader in delivering real estate agency best practices, and Raine & Horne is a worldwide leader in delivering firsts in IT, marketing, training, and agency systems, so it stands to reason that we are taking an aggressive approach to global expansion.”

Rising interest from New Zealand buyers

Raine & Horne Fiji's resurgence aligns with a growing trend of heightened buyer attention from New Zealand.

Ms Raju notes, “Buyers are showing increasing interest in Fiji from New Zealand. Many are looking at buying lower to mid-range properties, often intending to rent them out on Airbnb. Airbnb has become a significant player in the Fijian property market.”

Foreigners can purchase property in Fiji if it is outside the city and town boundaries. Ms Raju explains, “To buy a property in Lautoka City, a buyer must be a resident citizen or a permit holder. Just outside the city limits, overseas buyers can make the purchase.”

Ms Raju also emphasises the affordability of land in Fiji, particularly among locals, stating, “Most buyers are locals, often seeking farms of two acres or more, with prices ranging from FJ$200,000 (NZ$148,000) to FJ$300,000 (NZ$221,000).

“While these prices appear very affordable compared to Australia and New Zealand, it’s important to note that these are native leases, not freehold land.”