Home ownership on the rise, says Snelling
Home ownership is on the rise in Port Moresby, according to Hausples’s real estate survey.
General manager Tom Snelling said almost 16 per cent of people surveyed said they wholly own their property, raising the statistics for home ownership from 10 per cent in the previous years to 16 per cent in 2019.
He said the survey also identified suburbs such as Waigani, Boroko, East Boroko and Korobosea held the most rental demand in 2019 while the 8-Mile area indicated the highest buyer demand with more than a quarter more people stating that they want to buy a property there.
Mr Snelling said around 60 per cent of respondents claimed that property is very unaffordable in PNG while a further 27 per cent said property in Port Moresby is moderately unaffordable.
“These numbers are nearly identical to where they stood last year. Of all those shopping for real estate, 44 per cent wanted to buy a house on stilts,’’ he said.
‘‘The second-most preferred type of property was land, as nearly 19 per cent said they wanted to buy a plot.
“Price and security were the most important factors for renters while price, location and infrastructure were the most important for buyers.”
Mr Snelling said this year’s survey has shown distinct shifts in attitude in the type of preferred housing when comparing long-term against short-term living.
He said apartments appear to be the preferred choice in rentals and high-set housing being the preference for sales.
“Affordability is still a key issue for most, and we hope that the data contained in this survey will assist those with a vested interest in the real estate market to focus efforts in these areas,” Mr Snelling said.
There will be further opportunity for queries or suggestions on the survey results during the next Hausples Real Estate Show at the Sir John Guise Stadium on 21st and 22nd June and Mr Snelling will be discussing the survey results during the seminars.
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