Kaupa backs call to regulate real estate

Minister for Housing and Urbanisation John Kaupa has welcomed the call made by the Minister for Commerce and Industry Wera Mori to regulate the real estate industry.
Kaupa said reducing the high costs of accommodation was one of his priority goals and he was happy with Mori’s call to regulate the real estate industry.
“The rental rates of the real estate industry has gone beyond the budget of many Papua New Guineans and it is time the industry is regulated just like other industries,” he said.
“My department will support and work with the Minister for Commerce and Industry and the Internal Revenue Commission (IRC) to see how we can best address the issues.”
Kaupa said once funding was available, he would work on completing the Duram Farm Housing Project and would look at developing another housing project.
“The enormous rates of rentals been charged to our people is causing a lot of Papua New Guineans to struggle to survive in the city due to one room being charged K500 while a house is going for K2000 to K3000 fortnightly,” he said. “As the minister responsible for housing and urbanisation, my first priority is to make houses affordable for the people.”
“So I will work with the Minister for Commerce and Industry and the IRC to look at ways on how the real estate industry can be regulated to help make housing affordable.”