Housing, real estate sector needs to be regulated, says Ain

Business

THE Independent Consumer and Competition Commission (ICCC) says the housing and real estate industry needs to be regulated.
Commissioner and chief executive officer Paulus Ain said it was necessary given the high rental costs especially in Port Moresby.
Ain was responding to the statement by Deputy Prime Minister and Treasurer Charles Abel that the government should conduct a review of the rental market starting in Port Moresby.
Abel said the review would see whether ICCC could manage the costs of rental in Port Moresby.
Ain told The National: “Subject to the findings from this review, I am of the strong view that the housing and real estate industry needs to be regulated by the ICCC given the current exorbitant prices for home purchase and rental accommodations in Port Moresby.
“The real estate industry is ripping (off) the consumers and I am really concerned. We will get to the bottom of it to find out why the prices are very expensive.
The form of regulation will be determined after the review.
“The ICCC appreciates the minister’s foresight and would be happy to commence this review into the housing and real estate industry.
“The ICCC has on several occasions tried to solicit funding to review this industry but its attempts have failed.”
When asked whether the housing and real estate industry fell under the responsibility of ICCC, Ain said: “No, it is not a regulated industry. But the ICCC can undertake independent reviews and inquiries into any market and determine whether or not that particular industry can be regulated.
“For the housing and real estate industry, the ICCC has a keen interest in undertaking an industry specific review to establish why the current rentals and home purchase are very expensive in Port Moresby and other centres in Papua New Guinea.”

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