By RANOBA BAOA
A housing research expert has stressed the need to have an efficient home financing system in Fiji.
HFC manager Policies, Research & Development, Arishma Prasad, made these comments during the University of the South Pacific’s Fiji Economic Update 2013 on Tuesday.
Her comments were in response to research collected by the Fiji Bureau of Statistics noting that housing permits had gradually increased, yet few housing completion certifications were brought forth.
Ms Prasad recommended a meeting to look at the housing needs of individuals.
She said there was a need to reinforce the development of the construction industry with land sub-divisions and affordable lots which can be through the Housing Authority of Fiji.
Guidelines
Ms Prasad said there also needs to be prudent guidelines and monitoring platforms as suggested by other agencies during the forum.
“This would vastly contribute to more affordable and decent housing for all – the key to building better communities,” she said.
Ms Prasad also shared the views of International Monetary Fund on Fiji’s economic outlook as robust and one that can be greatly enhanced by faster and deeper structural reforms.
“Robust policy implementation and monitoring programmes for the housing needs to be implemented,” she said.
Statistics
Housing completions and permits to build homes, the Fiji Bureau of Statistics noted, was showing a declining trend in 2008 to 2009, constant in 2010 but picked up in 2011.
On average from 2008 to September 2011, 1609 new housing permits were issued yet only 564 completion certificates were brought forth.
Ms Prasad said this may have been because of a number of factors.
This includes:
- Was it finance issue?
- Change in decision of investors?
- Infrastructure and utilities?
- Municipal Issues etc?
- Lack of awareness on issuance of completion certificate?
- Financiers prudential monitoring lacking?
She therefore highlighted that more research needed to be done in these areas in future.