13 Jul 2005

Fiji losing millions from overseas property sales

8:47 am on 13 July 2005

Fiji is losing millions of dollars in foreign exchange when local properties are advertised on the Internet and sold overseas.

The Daily Post reports that 18 properties in Fiji, including resorts, villas, islands and freehold land, are currently advertised on the Internet with some worth many millions of dollars.

A Fiji real estate agent is quoted as saying the government should regulate this industry to allow trade in Fiji and not overseas.

The director of the Fair Trading Department, Colin Lewis, says there is nothing much the government can do, and no foreign earnings come into the country if deals are settled overseas.