A Lucrative Opportunity: The State of Port Moresby’s Property Market

Port Moresby enjoys a dynamic real estate market, as property buyers see the benefits that come with being in the capital and largest city in Papua New Guinea. Other than accessibility to cinemas, retail amenities, and restaurants, the city boasts of natural beauty and pleasant climate that many expats and locals from other parts of the country yearn for. Port Moresby’s characteristics contribute to its growing property market. Recent statistics showing that there is an increased demand for affordable housing.

Higher Demand for Lower-Priced Properties

Real estate experts from NiuginiLandandProperties.com say that Moresby’s property market is as diverse as the cultures of the people living in it, with high-end and affordable houses offered to match different budgets and lifestyles. Reports show that demand for luxurious properties reduced in 2014, but for affordable housing, it’s a different story. There was an increased demand from home buyers who are targeting low-cost properties. This growth, however, puts a strain on the supply of housing. According to analysts, there is a significant shortage in affordable properties, especially those below K250,000.

A Challenge and Opportunity for Property Developers

While at first glance, the insufficient supply may seem like bad news for the industry, it actually presents an opportunity for property developers to build more affordable housing and cater to the needs of the market. Investors who are considering property development must first consider legal implications, even before the financial aspects, market preferences, and actual construction. It’s best to consult real estate experts for a better understanding of customary land to ensure a smart, strategic purchase. The Land Act is the primary law that supervises operations that involve the use of land in the country. To avoid legal and costly mistakes in property development, seek help from real estate specialists; with their guidance, you will be able to get advice on the process of releasing or accessing customary land. The increased demand for affordable housing creates a wide gap from supply of properties. This gives property developers an opportunity to respond to needs of the market and grow their business.