Industry needs new laws

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THERE are no real estate laws in Papua New Guinea, a former Minister for Justice and Attorney-General has revealed.
Lead commissioner with the Constitutional Law Reform Commission (CLRC) Dr Allan Marat said PNG had lacked policies on the real estate industry.
“Laws and policies need to be reviewed in order to address issues that have surfaced as a result of the industry,” he said.
Marat, who is Rabaul MP, urged the CLRC staff to design a law that best suit the needs of the country.
He gave the challenge during the launch of the review on laws on land and natural resources-compensation and laws on real estate industry in Port Moresby on Friday.
Marat said the review focused on residential estates and commercial estates out of the four types of estates.
“This review came as a result of public outcry on the housing shortage and sky-rocketing home and commercial property prices,” he said.
“Issues such as availability, access and costs affect everyone.”
Marat commended CLRC saying the review was timely, especially with the current real estate issues at hand.
“The review terms of reference issued to CLRC last year by the Justice Minister will see the reviewing of 14 pieces of laws on real estate,” he said.
“At the same time, being mindful of key players in the industry.”
Marat said the key areas to be reviewed were policy, legal, economic and social.
He thanked all key Government agencies and implementers for their support of the Constitutional Law Reform Commission in to carry out the important task.
Marat thanked the Government for its funding support and also urged it to continue its financial support further as there were many laws and systems which needed reviewing by Constitutional Law Reform Commission.