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Fiji’s commercial rental market has been deregulated following the interim Government’s decision yesterday to lift the freeze implemented back in March 2007.
And it has accordingly directed local price regulator Prices and Incomes Board (PIB) to deregulate this market immediately.
This directive means that increases in commercial rent do not now require the approval of or notification to the PIB board.
“In regards to rental increase, landlord can immediately implement increases,” Sujit Prakash of the PIB’s rent section told FijiLive.
However, he said if a letting agreement existed and was being honoured, increases may be subjected to the terms agreed as per the agreement.
“Previously with rent control policy, landlords had to apply and upon approval from PIB, the landlord could increase rental,” he said.
Prakash said rental increases would depend on the intentions of the landlord, whereas market forces would also play a part.
He added it was also up to the landlord when to implement any increase on rentals.
These intentions to increase commercial rentals are part of policies announced in the 2009 national budget forecast.
However, he said increases in residential and ground rental remained under “rent freeze”.
