Mori wants to regulate real estate industry

Business

THE Minister for Commerce and Industry Wera Mori, pictured, wants the real estate industry controlled.
Mori said middle-income and low-income workers were living in settlements in urban areas because of the high cost of rental accommodation, mainly provided by the private sector.
“Real estate in the country, more so in Port Moresby, are so expensive. It is beyond the affordability of many public servants, citizens, including members of parliament like myself,” Mori said.
He said the Department of Commerce and Industry would try to regulate the industry.
“We will be writing to the Independent Consumer and Competition Commission (ICCC) so that we must bring an authority of some sort to regulate the real estate industry,” Mori said.
“We must not allow them to dictate, like in any other industries. They must be regulated so they must be fair to all Papua New Guineans who want to have affordable homes.
“It is not only in Port Moresby. It also applies to Lae, Goroka,
Mt Hagen, Madang, Rabaul, Kokopo and other urban centres.

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