Young couples and unmarried individuals are being encouraged to invest in property as a means of securing their financial future, according to Timoci Naleba, General Manager of the Public Rental Board. He asserts that purchasing land or a house at a young age not only mitigates financial risks but also offers manageable payment plans.
Naleba emphasized the considerable returns real estate can provide compared to traditional banking methods. For instance, he mentioned how a property bought for $6,000 around 15 years ago could now be valued at $120,000. In contrast, if that same amount had been placed in a bank at an annual interest rate of 10%, it would have grown to merely $6,000 to $7,000 after 10 to 15 years.
He stated, “Investing in property now, whether it’s buying land or a house, can greatly lessen your financial risks and provide a more consistent payment schedule, especially while you’re still young.” This sentiment reflects a wider initiative aimed at promoting property ownership among Fiji’s youth, enhancing their economic stability and encouraging long-term wealth accumulation.
This call to action echoes discussions at a recent conference aimed at retaining young people in Fiji through homeownership, highlighting the long-term value of establishing roots in their own communities. Housing Minister Maciu Nalumisa has also highlighted efforts to provide better financing options for families, further emphasizing the government’s commitment to facilitating greater access to housing.
As part of broader housing initiatives aimed at addressing informal settlements and improving living standards, the encouragement for young individuals and couples to invest in property marks a crucial step toward building wealth and ensuring a solid financial future for the next generation of Fijians. The overarching hope is that these initiatives will lead to a more stable and prosperous community for all.
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