Real estate market ‘slowing’

THE country’s real estate market is currently experiencing a slowdown with reduced levels of occupancy, PNG Property Developers Association chairman Peter Aitsi says.
Aitsi said this was because of restricted global travel and movement of people due to the Coronavirus (Covid-19) pandemic.
He made the statement yesterday following the launch of the PNG Property Developers Association, a new industry body established to better represent the combined voice of major property developers and investors in the country.
“Prior to the Covid-19-induced slowdown in late 2019, the PNG real estate market was experiencing good levels of growth, with several large scale commercial and residential properties being built,” he said.
“These developments have greatly enhanced the quality of properties available on the market as well as adding more leasing options for consumers.”
Aitsi said the property industry was a major contributor to the national economy, mobilising private capital to construct commercial office buildings as well as high end residential complexes and developing housing estates.
The industry also directly employs a sizable workforce and
supports a value chain that includes construction companies, security firms, architects, engineers, material suppliers and many more.
The founding members of the PNG Property Developers’ Association are Nambawan Superannuation, Nasfund, Curtain Brothers, Steamships, Lamana Development and Credit Corporation.
At the inaugural annual general meeting, the association elected Aitsi as chairman, Rupert Bray as deputy chairman and David Kitchnoge, Simon Brendling, Danny Robinson, Peter Curtain and Ian Tarutia as board members.
“The association will work closely with regulatory and statutory authorities to promote the improvement in the standard and quality of properties built in Papua New Guinea and also to advocate for industry members to uphold and abide by building regulations and codes.
“Another fundamental objective is to encourage increased investment in to the sector to support Papua New Guinea’s future economic growth aspirations,” Aitsi said.
He said the association’s role was to be a voice for the industry and as required to coordinate industry response to issues and opportunities as they present.