Apec not seen as catalyst for real estate

THE holding of the Asia-Pacific Economic Cooperation meeting in Port Moresby is unlikely to have a big impact on the real estate industry, a realtor says.
Century 21 executive chairman Brian Hull said the market was oversupplied.
“There will not really be a pick-up in rentals for the Apec period because a lot of them (world leaders) will most likely stay in serviced apartments in places like the Stanley and Gateway,” he said.
“The reason for Apec not having that much of an effect on the market is that there are a number of apartments that have been built and are continually being built.
“This can be seen with in town near Lawes Road with the new apartments there.
“The market is oversupplied and the Apec meet is not expected to change the ongoing decline in rentals.”
Hull said there would be an opportunity for landlords to provide residential units for Apec officials who would arrive in advance to prepare for the meeting.
“There is talk going around that some of the heavy lifters from the various countries will be coming in advance for some months for preparations and will need apartments,” he said.