In releasing the results of the 2019 Real Estate Survey, Hausples.com.pg, Papua New Guinea’s property portal, said indications show a significant increase in middle-income earners, which is a positive sign for property sales.
“This year we saw a noticeable upward shift in the budgets of our respondents. What this means for society at large is that growth is leading to progress, as people have more money that they want to put to good use.
“They want it to pay dividends and they are increasingly turning to real estate and property ownership.”
Interesting facts from the survey:
- Ownership is on the rise. Almost 16 percent said they owned property in full. This is up from 10 percent last year;
- Waigani, Boroko, East Boroko and Korobosea held the most rental demand;
- Around 60 percent of respondents claimed that property is “very unaffordable” in PNG. A further 27 percent said property here is “moderately unaffordable”. These numbers are nearly identical to where they stood last year;
- Of all those shopping for real estate, 44 percent wanted to buy a house on stilts. The second-most preferred type of property was land, as nearly 19 percent said they wanted to buy a plot;
- Price and security were the most important factors for renters while price, location and infrastructure were the most important for buyers
Chief Executive Officer of Hausples, Mathew Care, said: “The survey results display that Papua New Guineans still prefer free standing PNG style houses in the suburbs of Port Moresby.
“The 2019 PNG Real Estate Survey provides an opportunity for those involved in the real estate sector to strategise multifaceted plans to create opportunities for quality and affordable housing options for PNG.”
Perhaps the most interesting insights of the year came from the shift in media people of PNG use for information about real estate. While Hausples.com.pg remains a popular outlet, the importance of Facebook swelled massively. More people want instant access to information on their mobile phones or computers.
General Manager of Hausples, Tom Snelling, said: “This year’s survey has shown distinct shifts in attitude in the type of preferred housing when comparing long-term against short-term living. Apartments appear to be the preferred choice in rentals and high set housing being the preference for sales.
“Affordability is still a key issue for most, and we hope that the data contained in this survey will assist those with a vested interest in the real estate market to focus efforts in these areas.”
There will be further opportunity for queries or suggestions on the survey results during the next Hausples Real Estate Show at the Sir John Guise Stadium on 21st and 22nd June, and Snelling will be discussing the survey results during the seminars.
Download your copy on www.hausples.com.pg/survey/